10 Stats About Money and Mental Health
May is Mental Health Awareness Month and research continues to show a strong connection between financial stress and struggles with physical and mental health. Read on for facts about money and mental health, how financial education is one part of the solution, and activity ideas to prepare students for difficult financial decisions.
When you're struggling financially, you're likely to be suffering mentally. And the reverse is also true - people experiencing mental health problems are more likely to have trouble earning money, managing money well, and controlling spending.
10 stats that bring attention to this connection
- Among the serious life challenges that people often face—including divorce, disability, caregiving, illness, and bereavement— financial strain is the most detrimental to health , according to a study published earlier this year by a team of British researchers. ( Time )
- People with medical debt are also three times more likely than others to grapple with mental health issues like anxiety and depression. ( Time )
- 54% of U.S. adults with debt say they always or often feel stressed because of their debt. ( Forbes )
- Due to debt-related stress, 48% reported sleep problems, 40% had higher anxiety, 38% led diminished social lives and 34% experienced depression. ( Forbes )
When people are stressed about money, it often leads to even more financial trouble. In fact, 72% of respondents say they’re somewhat or very likely to go further into debt when they're feeling stressed. ( Forbes )
A significant 28% of those surveyed shared that carrying debt triggers impulsive spending. This means that, for some, the pressure and stress of owing money can sometimes lead to seeking temporary relief or comfort through buying. This, in turn, exacerbates the financial strain. ( Forbes )
- 65% of U.S. adults who say money negatively impacts their mental health cite inflation and/or rising prices as a reason. ( Forbes )
- Financially anxious and stressed individuals are less likely to plan for retirement ( WSJ )
- Around half (51 percent) of women say money negatively affects their mental health, compared to 42 percent of men ( Bankrate )
- Research suggests that people who engage in sports betting appear to develop gambling problems at particularly high rates and are at higher risk for mental health and substance use problems compared with other kinds of gamblers. ( APA )
Your work teaching personal finance to the next generation is part of the solution.
Recent research published in PLoSOne underscores the importance of financial literacy, mental budgeting, and self-control in shaping an individual’s financial well-being. The authors call for policy interventions to implement effective financial education initiatives that focus on improving financial literacy.
While financial behavior changes alone are not enough to heal mental health challenges, these activities may help students be better prepared to navigate whatever money stressors come their way throughout their lifetimes.
5 Activities to Help Students Prepare
Create a plan to improve financial habits
The activity ANALYZE: Change a Bad Financial Habit teaches students about how habits work and then has them apply that knowledge to a financial habit they'd like to change.
Explore how life experiences shape money beliefs
Use MOVE: Your Money Values to give students a chance to c onsider how individual values and circumstances impact people’s financial decisions.
- Consider how individual values and circumstances impact people’s financial decisions
Introduce budgeting skills
In MOVE: Build Your Budget , students collaborate to build a zero-based budget for the class.
Share strategies for debt reduction
Use CASE STUDY: Get Me Out of My Debt Dungeon! to have students role play how they would advise someone in financial distress.
Understand the risks of gambling and sports betting
Stay tuned in early June for the release of our new Gambling and Sports Betting Mini-Unit , which will help you equip students with the knowledge and tools they need to make informed decisions about gambling.
Want to dig deeper? Listen to our podcast episode with Dr. Nicole Huff on the relationship between financial and mental health .
About the Author
Hannah rael.
As NGPF's Marketing Communications Manager, Hannah (she/her) helps spread the word about NGPF's mission to improve the financial lives of the next generation of Americans.
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View Google Doc View Google Form View Answer Key. Budgeting Strategies Budgeting for Rent and Food ... CASE STUDY: How Do I Budget? ... Your new account will provide you with access to NGPF Assessments and Answer Keys. It may take up to 1 business day for your Teacher Account to be activated; we will notify you once the process is complete.
ngpf Last updated: 1/2/ Answer This: 1. Alana only has $56 saved for college. Brainstorm possible reasons why she has only managed to save this amount. -Not having a good budgeting system allowing her to save her money effectively. -Spending her money on wants not necessities. -Not knowing how to budget properly 2.
The document describes a case study about budgeting where a student, Alana, asks her friend Sharon for financial advice. Sharon has Alana track her spending for a month which reveals she spends $504 but earns more working 15 hours a week at $11/hour. Alana is confused why she only has $56 saved from working for 3 years. Sharon explains Alana needs to look at her spending over multiple months ...
Part I: Play Money Magic 1. Go to playmoneymagic. Part II: Reflection Questions. Every round, the game forces you to allocate all of the money in your budget, so that your balance equals $0 before you can move on. What are some of the advantages of creating a Zero-Based Budget? What disadvantages did you encounter with this style of budgeting?
budgeting in this case study by helping Alana budgetand reach her financial goals! Simply follow the directions on theworksheet to complete the case study. 35 mins 3 EXIT TICKET Teacher Tip:To administer this Exit Ticket using Google Forms, make yourown copy Exit Ticket 1. Identify one way in which setting a goal can helpa person budget more ...
Description: In this Case Study, you will learn the basics of budgeting, from setting priorities, creating a savings goal, tracking spending and learning about tradeoffs required to achieve financial goals. You will take on the role of a friend providing financial advice to a friend and learn to develop various options and strategies to achieve ...
Description: In this Case Study, 1a: Use a plan to manage spending and achieve financial goals. students learn the basics of budgeting, 1d: Investigate changes in personal spending behavior that contribute to. from setting priorities, creating a. wealth building. savings goal, tracking spending and. learning about tradeoffs required to.
Based off of the following Case study: NGPF Case Study Budgeting. Objectives: To analyze a case study. To respond to specific questions based on information provided. To utilize critical thinking and analysis skills. To review information about the basics of budgeting, creating savings goals, tracking spending. Instructions:
Study with Quizlet and memorize flashcards containing terms like What type of expenses would be the MOST difficult to adjust?, What is the difference between gross pay and net pay?, Your budget for a new car includes your loan, gas, and insurance. ... NGPF Budgeting Vocabulary. Teacher 21 terms. ederalat. Preview. ACG6308 - Chapter 10 terms. 30 ...
NGPF Activity Bank Budgeting INTERACTIVE: Money Magic [ANSWER KEY] Interactive: Money Magic NGPF Teacher Cheat Sheet Pro Tips: This Money Magic trailer provides a good overview for students prior to playing the game. This is a challenging game that may take students several tries to get Enzo to Vegas. It will take some
NGPF Case Studies present personal finance issues in the context of real-life situations. Students explore decision-making, develop communication skills, and make choices when there is no "right" answer. In this case study, students learn the basics of budgeting, from setting priorities, creating a savings goal, tracking spending, and learning ...
expenses which stay basically the same from month to month, such as housing and transportation. variable expense. An expense that changes from month to month such as groceries or electric bill. Study with Quizlet and memorize flashcards containing terms like Gross Pay, Net Pay, Unit Price and more.
NGPF Case Study C h e ck i n g #2 S p a n i s h v e r s i o n Case Study Summary Description: In this Case Study, students play the role of a community college student mentoring high schoolers on why they should open and maintain a checking account. Students must provide counterpoints to the "mentees'" valid concerns against the
Follow Me (1,279) United States - California - Palo Alto. 4.8. 122 votes. Next Gen Personal Finance (NGPF) is the leading personal finance curriculum used by over 50,000 teachers and over 2.5 million students nationwide! NGPF offers 21st century relevant resources and everything is 100% FREE! Pin It.
Terms in this set (10) Budget. A plan of your expected income and how you will use it to meet your expected expenses over a period of time. Deficit. When your expenses exceed your income. Expenses. Products, services, or bills you are responsible for paying. Fixed Expense.
Alana has only $56.47 saved for college after working part-time jobs for three years. She asks her friend Sharon for financial advice. Sharon recommends budgeting to better understand spending habits and save money. Sharon has Alana track her expenses for a month which reveals she spends $504 but should earn $600-650 working 15 hours per week. Alana is confused why she has little savings ...
33 terms. masonmoore004. Preview. Life and Health exam. 61 terms. quizlette14639045. Preview. Study with Quizlet and memorize flashcards containing terms like Cost Of Living, Roommate, Fees Associated with renting and more.
Case Study. Today was day 10 of the course and the final day of our 3-day budgeting unit. We did the How Do I Budget? case study from our regular NGPF curriculum. This was my first time (ever, in life) implementing a case study in my classroom, so it was a brand new experience — always a great way to kick off a Monday — and I figure you ...
Introduce budgeting skills. In MOVE: Build Your Budget, students collaborate to build a zero-based budget for the class.. Share strategies for debt reduction. Use CASE STUDY: Get Me Out of My Debt Dungeon! to have students role play how they would advise someone in financial distress.. Understand the risks of gambling and sports betting. Stay tuned in early June for the release of our new ...