HOUSTON, May 16, 2024 (GLOBE NEWSWIRE) -- Following the successful launch of Financial Practice Week from April 22-26, Beyond Finance, a leading financial services company, remains steadfast in its commitment to promoting mental health awareness and improving consumer financial wellness.
Building on the momentum of Financial Practice Week, Beyond Finance will focus on Mental Health Awareness Month throughout May. Recognizing the profound impact of financial stress on mental well-being, Beyond Finance aims to foster honest conversations and support individuals navigating life’s challenges.
Dr. Erika Rasure, Chief Financial Wellness Officer and Certified Financial Therapist for Beyond Finance, recently emphasized the critical link between financial wellness and overall quality of life: "Quality of life can go down because of our debt burden. The adage 'We are only as sick as our secrets' holds when we have no one to talk to about financial stress."
Last month, Beyond Finance commissioned a survey involving 1,065 respondents which underscores the connection between financial wellness and improving mental health. Some of those numbers include:
- 52% of respondents identified unemployment or lack of income as the most significant barrier to improving their financial well-being. The stress and anxiety stemming from financial insecurity due to unemployment can severely impact mental health. Persistent financial worries contribute to heightened anxiety and depression, highlighting the need for financial support systems to alleviate these mental health burdens.
- 82% of respondents indicated they do not have at least $1,000 in savings to cover unexpected costs and emergencies. The absence of an emergency fund leaves individuals vulnerable to financial shocks, increasing stress and anxiety levels. This financial fragility can perpetuate a state of constant worry and mental strain, underscoring the importance of building financial resilience to improve mental health.
- 40% of respondents cited unemployment at the biggest source of financial stress, while 35% cited medical expenses. Financial stress from unemployment and medical expenses can lead to severe mental health challenges. The pressure of managing financial instability, especially in the face of health issues, can exacerbate feelings of helplessness and depression. Addressing these financial stressors is crucial for improving mental health outcomes.
"As we transition from Financial Practice Week to Mental Health Awareness Month, our mission remains clear: To advocate for the holistic well-being of individuals," said Chief Operations Officer Lou Antonelli at Beyond Finance. By focusing on the intersection of financial well-being and mental health, we strive to empower individuals with the tools and resources needed to achieve financial stability and true peace of mind."
Beyond Finance will continue promoting financial best practices throughout May to improve your mental and economic well-being. The Beyond Finance newsroom and blog offer helpful information, guidance, and resources, such as stress management techniques and strategies for cultivating a healthy relationship with money.
About Beyond Finance, LLC
Beyond Finance, LLC, based in Houston, is one of the nation’s largest and most influential debt consolidation services and financial technology organizations. By standing alongside clients wherever they are in their debt journey, Beyond Finance uses personalized consolidation services and innovative technology to give them the clarity, confidence and tools they need to move beyond debt. Since 2017, Beyond Finance has moved over 300,000 clients beyond more than $1 billion of debt. In 2024, Beyond Finance was awarded with ConsumerAffairs’ inaugural “Buyer’s Choice Awards” for Best Customer Service, Experience with Staff, and Transparency related to personal finance and its debt consolidation programs. They have additional offices in Chicago, Illinois and San Diego, California. For more information, visit BeyondFinance.com.
MEDIA CONTACT:
Yolanda Schufford
yschufford@beyondfinance.com
Shawn Paul Wood
swood@beyondfinance.com
