The Impact of Finances on Women’s Physical and Mental Health: What You Need to Know
Financial well-being. What does that topic instantly make you think and feel?
You might think that talking about money is boring, and stressful, or be concerned that it will be too complicated to understand (a belief that kept me uninformed for decades), but it’s actually one of the most important factors in our overall health and happiness, and honestly, it’s not that hard if you have good teachers.
Did you know that retirement insecurity is a serious issue for women in the US? And that women are more likely to work part-time or take career breaks, leaving them with smaller retirement savings.
The impact of financial and economic circumstances on women’s physical health and psychological well-being is a topic that deserves more attention. Financial stress can take a toll on our mental and physical health. And with the COVID-19 pandemic, healthcare challenges have become even more significant, particularly for women of color, low-income women, and those in rural areas.
So, what can we do about it? Well, one thing we can do is become more informed about our finances which is what the Superself podcast will aim to do as part of the focus on optimal well-being. We will talk about how to create a budget, invest so that our money works hard for us, and get on track for a financially secure retirement. It’s never too late to start, and every little bit counts.
Another thing we can do is to change the way we think about money. It’s easy to get caught up in the belief that we need to have a lot of money to be happy, but that’s simply not true. We can find happiness in the little things, like spending time with loved ones, going for a walk in nature, or learning a new skill. That said, financial security is important and more achievable than you might think. Becoming financially independent is about small steps taken that repeatedly add up to a robust financial situation.
So, let me ask you, how do you feel about your current financial situation? Are you happy with the way you manage your money? What steps can you take to improve your financial well-being?
At Superself, we believe that financial well-being is just one piece of the puzzle when it comes to overall well-being. In future episodes of our podcast and blogs, we’ll be exploring other aspects of well-being such as psychological, health, social, relationship, and more.
But, we are starting with financial well-being for a reason. Finances are often a barrier to improving other aspects of well-being. When we are stressed about money, it’s hard to focus on our mental and physical health, our relationships, and our personal growth. By addressing our finances, we can create a foundation for a healthier and happier life.
So, I encourage you to take some time to reflect on your financial situation and your relationship with money. Then tune in to the Superself podcast where we’ll be exploring other aspects of well-being that are essential to living a happy, fulfilling life.
Sources reviewed for this blog.
- Women’s Institute for Secure Retirement. “Retirement Security: Women Still at Risk.” Wiserwomen.org, 2022. https://www.wiserwomen.org/wp-content/uploads/2022/01/Retirement-Security-Women-Still-at-Risk-2022.pdf
- National Women’s Law Center. “COVID-19’s Impact on Women’s Health Coverage and Care.” NWLC.org, 2021. https://nwlc.org/resources/covid-19s-impact-on-womens-health-coverage-and-care/
- Drentea, Patricia, and Danae D. Lavrakas. “Over the limit: The association among health, race and debt.” Social Science & Medicine, vol. 50, no. 4, 2000, pp. 517-529. doi:10.1016/S0277-9536(99)00310-2
- Gutter, Michael S., and Burcu Copur. “Financial stress, financial help-seeking behavior, and self-efficacy among college students.” Journal of Financial Counseling and Planning, vol. 22, no. 2, 2011, pp. 43-55.
- Stewart, Paulette, Sonya Grier, and Karen White. “The breadwinner role: Guilt or glory?” Journal of Business Research, vol. 67, no. 8, 2014, pp. 1725-1732. doi:10.1016/j.jbusres.2013.10.009
- Fitch, Kathleen, and Brady Hamilton. “Women’s Health: A Developing Country in the Developed World.” Vital Signs, vol. 17, 2018, pp. 1-8. https://www.cdc.gov/vitalsigns/pdf/2018-05-vitalsigns.pdf