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The Tight Links Between Mental and Financial Health

Nov 12, 2020

Key Takeaways

  • COVID-19 has highlighted the strong connection between mental and financial health.
  • More than half of Americans say their financial health has been negatively impacted by COVID-19.
  • Employers can be proactive in providing employees additional mental and financial health support.

 

The COVID-19 pandemic has cast a bright spotlight on the interconnected challenges of managing mental and financial health. Many American workers are struggling to manage day-to-day activities that look nothing like they did before. In many cases, they are worried about their mental and financial well-being, particularly if they’ve been forced into the ranks of the unemployed. The many changes resulting from the pandemic, including quarantines, social isolation, remote work, virtual exhaustion, and increased loneliness each can have a dramatic effect on a person’s well-being.

 

 

With mental health issues on the rise, employers are ideally positioned to offer resources that can improve mental and financial health among American workers. Traditional employee assistance programs are an excellent source, providing employees with mental health services at no cost to them. Financial wellness programs can also be valuable to employees, providing access to tools and resources that can be customized to help them manage their finances and adopt good financial behaviors. Employers should work to create a culture that destigmatizes mental health and provides sensitivity training across all levels of the organization so that employees feel safe and supported enough to talk about these issues with their managers and co-workers.

As employers increase their workers’ ability to work remotely, it will be even more critical to make mental health resources available to employees since it will likely become more difficult to identify whether a worker is struggling. Employers must recognize the interrelationship between their employees’ physical, mental, and financial well-being, and be proactive in providing additional mental and financial health support.

 

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