Mental health, financial wellness closely related; resources available to assist

Mental health and financial wellness are intertwined; one impacts the other, mostly in negative ways. There are resources available to help individuals navigate the connection between the two. Additionally, April is National Financial Literacy Month and America Saves Week takes place April 8-12 ­­— both provide even more tools and resources to individuals struggling right now. And don’t forget that Fidelity — Purdue’s official provider of education, guidance and assistance related to retirement plan investments and decisions — offers free resources to benefits-eligible employees and their dependents throughout the year.   

Let’s look at the money/mental health issue in detail. Results from a 2023 survey by Forbes Advisor show that financial stress not only impacts budgets and finances but also significantly impacts mental health. According to the survey, 54% of respondents said they often or always feel stressed by their debt circumstances. Another 32% said they sometimes feel stressed because of their debt. As a result of debt-related stress, 48% of the respondents reported experiencing sleep difficulties, 40% stated an increase in their anxiety levels, 38% reported a diminished social life and 34% indicated they have depression. 

Additionally, a 2023 article from Bankrate states that one of the most prevalent and enduring types of stress is financial stress.

These results aren’t new. For example, a survey conducted by Bankrate and Psych Central in April 2022 also found that a significant amount of Americans experience financial worries and more than 50% of those who worry about money specifically cited it as an issue that negatively impacts their mental health.  

High levels of financial stress, as with other stressors, can manifest through physical symptoms such as anxiety, headaches/migraines, a compromised immune system, digestive issues, high blood pressure, muscle tension, heart arrhythmia and depression.

Financial stress and mental health issues can become a vicious cycle. Consider this: 72% of Bankrate respondents stated they were very or somewhat likely to accumulate more debt when experiencing stress.

Several organizations share supporting information, including:

• HelpGuide — “Coping with Financial Stress”
• The JED Foundation — “How to Deal with Financial Stress”
• Money Mentors — “How to Stop Stressing about Money & Avoid Burnout”
• Money and Mental Health Policy Institute — “How to disrupt the long-term cycle of money and mental health problems” and “Money and Mental Health: The Facts”
• Verywell Mind — “Dealing With the Stress of a Financial Crisis” and “Financial Stress: How to Cope”

Resources available to assist the Purdue community

As part of the Healthy Boiler Program, Purdue provides resources in five main areas, including behavioral health and financial wellness, to benefits-eligible employees and dependents covered on a Purdue medical plan. Resources include:

• Health coaches at the Center for Healthy Living can motivate and encourage changes to help individuals set and meet goals related to their health, finances and more. Call 765-494-0111 to schedule an in-person or telehealth appointment.
• Fidelity retirement planners are available to meet one-on-one (including virtually) to help answer retirement questions, plan for retirement income, develop a comprehensive investment strategy and more. To schedule a one-on-one appointment, call 800-642-7131 or schedule online via NetBenefits.
• The Healthy Boiler Portal offers a variety of courses under the “University” tab, including financial wellness courses such as:
• Manage Unexpected Events and Expenses
• Navigating Market Volatility
• Raising Money-Smart Kids
• Saving Money, Changing Lives
• Strategies for Student Loan Debt
• The Fidelity NetBenefits website provides information specific to Purdue’s retirement benefits but also additional resources — articles, videos, workshops, infographics, podcasts, calculators and tools — to help employees with their financial health.
• Health Savings Accounts (HSA), Health Reimbursement Arrangements (HRA) and Flexible Spending Accounts (FSA) — administered by HSA Bank — allow individuals to use pretax dollars to pay for qualified healthcare expenses. More information on HSAs, HRAs and FSAs is available here. Additional HSA/HRA dollars can be earned each year through the Healthy Boiler Incentive Program.
• Rx Savings Solutions is a free, confidential program that works in conjunction with Purdue’s prescription coverage to help individuals spend less money on prescriptions. All benefits-eligible employees and dependents covered on a Purdue health plan are already Rx Savings Solutions members; all employees need to do to take advantage is activate their account, if they have not already done so. Rx Savings Solutions does the rest of the work.
• LiveHealth Online Psychology and Psychiatry, courtesy of Anthem, provides virtual care for mental health needs.
• LearntoLive, formerly known as myStrength, offers a variety of digital behavioral health services based on cognitive behavioral therapy principles. This service is courtesy of Anthem.
• SupportLinc (West Lafayette), the Bowen Center (Purdue Fort Wayne), New Avenues (Purdue Northwest) and Health Advocate (Purdue Global) provide behavioral health services to Purdue employees and dependents covered on a Purdue health plan.
• Money Management: Helpful Resources for College Students is a resource provided by the Division of Financial Aid for students and their families who have financial literacy questions and are looking for helpful ways to handle financial situations faced in everyday life.

Coming up – America Saves Week 2024

America Saves Week is a national campaign that is co-sponsored by America Saves and the American Savings Education Council. This year, America Saves Week is observed April 8-12, and each day has its own theme. The week is designed to encourage individuals and families to save money and build personal wealth.

This year’s daily themes are:

• Saving Automatically — Monday, April 8
• Saving for the Unexpected — Tuesday, April 9
• Saving for Major Milestones — Wednesday, April 10
• Paying Down Debt is Saving — Thursday, April 11
• Saving at Any Age — Friday, April 12

Fidelity will also host a series of virtual workshops aligned with each day’s theme.

For more information on America Saves Week, see the America Saves Week FAQs. 

ADDITIONAL MENTAL HEALTH RESOURCES

To assist faculty and staff

Faculty and staff can review the “Mental Health Resources” webpage for a variety of resources, which also support the behavioral health pillar of the Healthy Boiler Program, and information on Purdue’s health plan coverage for mental health and substance abuse.

To assist students

Faculty and staff who work with students or have a student at home can direct them to the resources below for behavioral health assistance. Note: United Healthcare Student Resources (UHCSR) — the medical plan provider for students and graduate students — offers access to 292 mental health providers who serve at various in-network locations within Tippecanoe County. Additionally, students have access to HealthiestYou, which provides virtual access to mental health care as part of UHCSR’s plan. All services are free for students covered under the UHCSR insurance plan.   

Office of the Dean of Students

• Continuous Network of Support
• Services and Information
• Presentations & Trainings
• Student of Concern Reporting Link

Counseling & Psychological Services (CAPS)

• Therapy Services at CAPS
• Self-help Resources
• Group Therapy
• CAPS YouTube channel
• NAMI On Campus — A free, virtual support group on campus.
• Thriving Campus — A service that provides students with a way to search for mental health providers locally and across the country.
• TAO — An interactive self-help therapy app for students.