Making the Connection Between Financial Well-being & Mental Health

Now is a great time to increase employee awareness of employer-sponsored resources that can help reduce stress and improve overall well-being.

Budgeting, debt management, and credit-related issues are among the most common challenges that cause financial stress.  But even longer-term planning goals, like saving for college or retirement, can create stress due to a lack of information or simply not having a plan.  In a recent study, 67% of MSA members said they lack three months of savings to cover living expenses, and nearly 4 in every 10 mentioned that inflation greatly impacts their ability to pay their monthly bills.¹

Finances can also cause stress in relationships. While making long-term plans can help a couple look forward to a future together, it can also be stressful if it raises conflict. According to a recent study by the American Psychological Association (APA), 55% of adults who reported money as a significant source of stress said money is a cause of fights or tension in their family.²

The APA also reported that over 25% of adults said: “…most days they are so stressed they can’t function.”² In addition to addressing financial stressors, support for mental health is also important. This is why Employee Assistance Programs (EAPs), with their mental, emotional, physical, and financial well-being resources, are so important. MSA (My Secure Advantage, Inc.) has been the primary financial well-being provider within EAP programs for over 35 years.

Some good news? In a recent MSA financial well-being survey, members working with a Money Coach reported a 90% average improvement in financial well-being and a 30% average decrease in time distracted at work due to financial stress.³ Less financial stress at work and home leaves more time for self-care and healthy behaviors like exercise, meditation, or using wellness program benefits through an employer.

As you consider ways to improve the mental and financial well-being of employees, make sure you reach out to MSA to learn about the outcomes our Money Coaches are helping employees achieve. Learn more about empowering employees to take charge of their financial futures by visiting mysecureadvantage.com/why-msa.

¹ Pulse Survey report. MSA. November 2022, 1029 MSA members.

² “Stress in America 2022: Concerned for the Future, Beset by Inflation.” American Psychological Association, American Psychological Association, Oct. 2022, https://www.apa.org/news/press/releases/stress/2022/concerned-future-inflation.

³ My Secure Advantage, Inc., January 2023. Based on MSA member self-reported data, when member is working with a coach on this specific issue, from 1/1/21 – 12/31/22.