The connection between LGBTQ mental health and Debt stress
A recent survey in our community found that 82% of LGBTQ couples worry about money at least once a month, with 58% of respondents admitting to this fearful at least once a week! Mental health and debt stress are closely linked in the queer community.
LGBTQ mental health and debt stress
How does debt stress affect our mental health? What can we do to fix the problem? Sam Schultz is co-founder of Honeyfi, a budgeting app that helps couples manage their money together. Honeyfi completed its Love and Money Survey of 300 couples in the LGBTQ community, identifying couples’ unique financial challenges and top goals. Sam returns to Queer money® covers the difficulties LGBTQ couples face when it comes to money, starting with the lack of emergency savings and ongoing worries about money—despite earning more than the median household income. He offers insights into the impact of social media culture on the LGBTQ community’s spending decisions and why it’s important for us to share honest stories about our financial challenges. Sam shares the study’s findings on the large percentage of couples who do not use financial tools or resources and the connection between couples with poor credit and mental health issues. Listen to understand what opportunities the LGBTQ community has to improve our collective relationship with money, reduce our debt stress and our financial fears.
Learn more about LGBTQ mental health and debt stress:
Covered LGBTQ mental health and money topics
The statistics surrounding LGBTQ couples and savings
- 33% couldn’t afford a $500 emergency
- 44% have saved less than $1,000, 19% have saved $0
- 52% are concerned about a lack of savings
The conflicting numbers regarding income and fear
- 66% earn an income above the median
- 82% worry about money every month
- Impact of Student Loans and Credit Card Debt
How social media influences purchasing decisions
- Spend money on dining out, traveling and entertainment
- “Keeping up” leads to poor financial decisions
Honeyfi’s insights into financial instruments and resources
- 35% do not use any tools/resources
- Lack of awareness or “ostrich approach”
The connection between financial preparation and mental health
- 35% are not financially prepared for the future
- Mental health suffers from the resulting worries
The data on LGBTQ couples with bad credit
- 55% report struggling daily, weekly or monthly
- 100% worries monthly, 86% weekly, 51% daily
Why we need to share honest stories about money
- Avoid making the same mistakes
- Inspire you to move forward (seems doable)
The Honeyfi app features you need
- Helps start the conversation and keep it going
- Integrate finances but control what is shared
- Track budget, bills and expenses
- Navigate life events and save for goals together
LGBT Mental Health and Debt Stress Resources
How to manage your debt stress and other money problems
First, Try to remember that you are not alone. It’s likely that there are hundreds of thousands, if not millions, of others who have been through and gotten out of the same financial situation as you. Knowing this can help alleviate some of the guilt we feel when we think we are the only “fault.” Second, the past is the past. Leave your past mistakes behind. I know this is easier said than done because I, too, have all too often worried about money and my past mistakes. The best way to let go of the past is to stop thinking about it and regularly remind yourself that you are getting better. A good way to do this is to say it with a mantra; Words you repeat regularly, such as: “I’m doing better with my money today and my future will be better.” Third, Stress is a form of poor mental health that, if left unchecked, can have lasting effects. Get the help you need to deal with any mental health issues arising from your financial situation. Finally, Create a plan, a series of small steps that you can implement over the next week, next month, or next year to develop habits that lead to long-term change. Our Debt lasso method is a great way to pay off debt faster than any other plan – including the Snowball and Avalanche methods – improving your credit score and saving you money. The Debt Lass Method is a great first step to getting your money under control.
Learn more about how LGBTQ money and debt stress impact your financial well-being:
What stress does to the body
According to the Mayo Clinic, Stress can cause headaches, muscle tension and pain, chest pain, fatigue, loss of sex drive, stomach upset, and prevent us from sleeping.
How stress affects your mental health
Stress can lead to depression, anxiety and mood swings, causing many people to become irritable and angry and lose motivation for other aspects of life. That was definitely the case for me. I was irritable and often felt overwhelmed due to mood swings.
How stress affects your health
When we are not feeling well or have negative emotions, our natural desire is to eliminate these feelings, as our brains have evolved over millennia. To achieve this, many people stop exercising and seek comfort in food, drink, smoking or drugs. All of this has a negative impact on the body in the short and long term.
Debt stress causes health problems
Debt stress is no different than other forms of stress. Our body reacts. Our emotions change. We physically begin to show the symptoms of stress. Debt-related stress has been shown to increase mental health problems, a leading cause of suicide. In fact, people who commit suicide are eight times more likely to be in debt. If you feel like you are close to this point, please seek help. As Honeyfi’s study revealedLGBTQ people are definitely worried about money. To alleviate this stress, we need to take action.
Here’s how to manage your anxiety caused by debt stress
One difficulty with debt stress is that we often don’t know where to turn. We know we need help, but too often help with anxiety is costly. Seeing a therapist or doctor can cost $300, $400, or even $600 a month in copays and ongoing costs for each visit. Even with some sliding scales, the costs can increase our financial burden. We have a solution for you. A solution that is much more affordable than many traditional forms of health and mental care.