If you are in rehabilitation for substance abuse and also battling a mental condition, you’re not alone. Substance abuse, depression and anxiety are very common on a global scale. According to Mental Health America, one in five American adults has a mental health condition such as anxiety, or more serious disorders such as major depression or schizophrenia. This amounts to 40 million people battling mental issues.Despite the fact that most have access to either insurance or Medicaid, around 56% of those with a mental condition do not receive treatment. This can have severe consequences for their health and finances. Healthcare reform is helping to lower the rates of the uninsured. The number of uninsured adults with a mental illness decreased by 5% in 2017.
What Impact Does Mental Health Have on Finances?
The relationship between mental disease and financial problems is cyclical. One has a direct impact on the other. When a serious disease such as schizophrenia or major depressive disorder is present, it can interfere with one’s motivation to find, or sustain, employment. In the case of schizophrenia, we see that only 10 to 15% of persons battling this disease in America are employed.
On the other hand, loss of employment or economic hardship can be extremely stressful. Stress itself is a risk factor for anxiety, depression, and other conditions.
People with Mental Illness Want to Work
The majority of people with diseases like schizophrenia wish to thrive in their workplace. Most state they feel a job would help them with their condition. Some of their biggest challenges finding or sustaining employment include battling symptoms such as delusions, disorganized thinking, or social anxiety.
Having schizophrenia can also made one drowsier in the day and more alert at night, owing to altered circadian rhythms.
The stigma associated with the disorder, and a perceived lack of understanding on the part of many employers can add to distress. The fear of losing health benefits (such as therapy) if one earns too much income is also present.
To obtain employment and improves one’s economic situation, work is important. Ideally, those affected should ensure they obtain due diagnosis and treatment, so that symptoms can be reduced to the greatest extent possible.
Support groups such as Schizophrenics Anonymous, meanwhile, can help connect people with coaches. These professionals help them discover the skills that would match them for specific jobs.
Finally, training and education are important. If one has to temporarily stop studying because of mental illness, they should aim to obtain the qualifications they need to be successful in their chosen fields.
Reducing Debt
Around 93% of people with mental health issues say they spend more when they are unwell. Ninety-two percent find it hard to make financial decisions. Those who can’t afford their mortgage or are burdened by debt can benefit from seeing a mortgage specialist, who can help them refinance their loan. If a home is too expensive or one’s repayment plan is unattractive, steps can be made to sell one’s home relatively quickly, and downsize. Sometimes, mere refinancing solves the problem of sky-high monthly payments.
Credit card debt is another issue for people with mental illness. A financial adviser (or family member in the know) can help them draft a payment plan, in which high-interest credit is targeted for payment first. Swapping credit for debit cards may also be of interest for those who find it difficult to control spending.
Mental illness can affect one’s finances in many ways. When one is ill, motivation, social stigma, and symptoms such as delusions or tiredness during the day (because of medication) can make it difficult to find or maintain a nine to five job. However, there are many solutions available. Part time work, the help of a life coach, further education, and debt reduction are a few important steps that can significantly improve one’s finances.
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