How to cope with financial stress

In South Africa, financial stress is a critical issue, particularly among men. The pressures of economic instability, unemployment, and rising living costs are driving a surge in mental health issues such as depression and anxiety. This article explores the impact of financial stress on men’s mental health in South Africa and offers practical coping strategies.

The Link Between Financial Stress and Mental Health in Men

Financial stress is more than just a temporary worry about money; it can have severe and long-lasting effects on mental health, leading to:

• Depression: The constant pressure of financial burdens can lead to feelings of hopelessness, sadness, and a loss of interest in daily activities.
• Anxiety: Worrying about bills, debt, and the future can cause chronic anxiety, leading to physical symptoms like headaches, insomnia, and fatigue.
• Substance Abuse: To cope with stress, some men may turn to alcohol or drugs, which can worsen their mental health and lead to a cycle of dependency.
• Relationship Strain: Financial difficulties often lead to conflicts within families and relationships, exacerbating stress and mental health issues.

The South African Context

The economic landscape in South Africa presents unique challenges:

• High Unemployment Rates: With unemployment rates remaining high, many men struggle to find stable employment, leading to financial insecurity and mental health challenges.
• Rising Living Costs: Inflation and the rising cost of living add to the financial burden, making it difficult for men to provide for their families and themselves.
• Limited Access to Mental Health Services: Despite the growing need, access to mental health care remains limited in many parts of the country, particularly for men who may be reluctant to seek help due to stigma. 

How to Cope with Financial Stress

While financial stress can feel overwhelming, there are steps that men in South Africa can take to manage their mental health and build resilience:

1. Seek Professional Help:
   • Therapy and Counselling: Speaking to a mental health professional can provide valuable support and coping strategies. Organisations like the South African Depression and Anxiety Group (SADAG) offer resources and referrals.
   • Financial Counselling: Financial advisors can help create a budget, manage debt, and plan for the future, reducing the stress associated with money management.
2. Connect with Support Networks:
   • Peer Support Groups: Joining a support group can provide a safe space to share experiences and learn from others facing similar challenges. HeCareZA offers peer support specifically for men.
   • Family and Friends: Leaning on loved ones for emotional support can help alleviate the isolation that often accompanies financial stress.
3. Practice Self-Care:
   • Physical Activity: Regular exercise can reduce stress, improve mood, and boost overall mental health. Engaging in physical activities like jogging, swimming, or even walking can be beneficial.
   • Mindfulness and Relaxation: Techniques such as meditation, deep breathing, and yoga can help manage anxiety and promote a sense of calm. Learn techniques here.

The Impact of Women Earning More: A Hidden Stressor

Another layer of financial stress for many South African men comes from the evolving dynamics of household income. In situations where female partners or spouses earn more than men, traditional gender roles and societal expectations can add to the pressure.

• Erosion of Self-Worth: Some men may feel a loss of identity or self-worth when they are not the primary breadwinners, leading to feelings of inadequacy and contributing to depression and anxiety.
• Relationship Tensions: The shift in financial dynamics can sometimes lead to power struggles or resentment within relationships, further exacerbating stress and mental health issues, and may lead to gender-based violence.
• Social Stigma: Cultural norms that equate a man’s worth with his financial success can make it difficult for men to accept or discuss these changes openly, leading to increased feelings of isolation.

Don’t be Ashamed to Get Help

Financial stress is a significant factor contributing to depression and anxiety among men in South Africa. The added pressure of women earning more can complicate these feelings, but there are ways to cope. Seeking professional help, connecting with support networks, practicing self-care, and fostering open communication within relationships are key steps in managing these challenges. By actively addressing the financial and emotional burdens that men face, we can work towards improving mental health outcomes and building stronger, more resilient communities.

If you or someone you know is struggling with mental health issues related to financial stress, don’t hesitate to seek help. Visit the South African Depression and Anxiety Group (SADAG) or the Men’s Foundation for resources and support.