Stress Awareness Month 2024.

In today’s fast-paced world, financial concerns weigh heavily on many people’s minds. From mounting bills to unexpected expenses, the pressure to make ends meet can often feel overwhelming.

At Leeds Credit Union, we understand the profound impact that financial worries can have on our mental wellbeing, which is why, to commemorate Stress Awareness Month – which takes place throughout April – we’re going to explore the role money worries play in increasing our stress levels and what can be done about it.

The Reality of Financial Stress.

Financial stress is a common problem that can affect anyone, regardless of income level or background. Whether it’s facing debt repayment pressures or worrying about job security, these concerns can take a significant toll on our mental health.

Studies have shown that financial stress can manifest in various ways, including anxiety, depression, irritability and even physical symptoms such as headaches and insomnia. Furthermore, the constant worry about finances can strain relationships with loved ones and impact our overall quality of life.

Identifying The Signs.

Recognizing the signs of financial stress is crucial in addressing the issue and seeking support when needed. Some common indicators include:

• Persistent anxiety or worry about money matters
• Difficulty sleeping or concentrating due to financial concerns
• Feeling overwhelmed by debt or bills
• Avoiding conversations about finances
• Changes in spending habits or lifestyle choices

Breaking the Cycle.

By empowering individuals and families to take control of their finances, reputable financial institutions can help them alleviate stress. Here are some steps you can take if you think you need help to break a cycle of financial worry:

1. Create a Budget: Establishing a budget can provide clarity on your financial situation and help prioritise expenses.
2. Seek Support: Don’t hesitate to reach out to trusted friends, family members or financial advisors for guidance and support.
3. Explore Financial Solutions: Investigate alternative financial solutions, such as credit unions, which offer affordable loans and access to a variety of savings accounts.
4. Practice Self-Care: Take time for self-care activities that promote relaxation and reduce stress, such as exercise, meditation or spending time with loved ones.
5. Set Realistic Goals: Break down financial goals into manageable steps and celebrate small victories along the way.

How Leeds Credit Union Can Help.

As a community-focused financial institution, Leeds Credit Union is committed to supporting our members and helping them become more financially stable.

If you’re struggling with financial stress, you can contact our Money and Budgeting Service (MABS) team here.