As we wrap up Mental Health Awareness Month, let’s take a moment to talk about how mental well-being affects financial wellness. According to the National Institute of Health, about 17.7% of IT professionals experience work-related stress. The study highlights that stress levels are higher among professionals over 31 years old (18.8%), female IT employees (21.4%), and employees with 4–7 years of experience (19.4%). When financial challenges arise, they can lead to anxiety, depression, and even physical health problems. In turn, mental health struggles often result in poor financial decisions, creating a cycle of stress.
Achieving balance is of utmost importance. Though it may seem daunting, small, consistent steps can lead to meaningful improvements. The first step in reducing financial stress is creating a financial plan. Set realistic goals, break them into manageable steps, and track your progress. By establishing this routine, you’ll regain control over your finances and feel more empowered. Apps such as 22Seven, PocketSmith, Spendee, and Money Lover can help you keep track of your spending, budgeting, and investing.
Self-care also plays a vital role in financial wellness. Activities such as exercise, meditation, and hobbies can clear your mind and reduce stress, helping you make more thoughtful financial decisions. Setting healthy boundaries and saying no to unnecessary expenses can protect both your financial and mental well-being. Apps like Panda, Kena Health, and Whole can help you establish mindfulness and promote healthy routines.
At BET Software, our People Team introduced the five pillars of wellness to emphasise the importance of balance. The first pillar highlights physical wellness and the need to stay active. The second pillar focuses on mental wellness, prioritising mindfulness and self-care. The third pillar emphasises social wellness, encouraging connections inside and outside the workplace. The fourth pillar centers on financial wellness—managing money and planning for retirement. To further support this, Trevor Pillay from Sanlam hosted an online session on the two-pot retirement system and general financial wellness. Finally, the fifth pillar highlighted professional wellness, which stresses the importance of career development, learning new skills, and setting career goals that align with personal growth.
Mental and financial health are closely linked, and achieving harmony in both takes time and patience. By practicing mindfulness, creating a financial plan, and addressing stressors proactively, you can improve all areas of your life. Small, consistent steps lead to meaningful progress, bringing greater peace of mind, security, and happiness. Just as you would consult a doctor for physical health or a therapist for mental well-being, a financial advisor can provide personalised guidance for your financial wellness.
Disclaimer: The information provided here is for informational purposes only and does not constitute financial advice under the Financial Advisory and Intermediary Services (FAIS) Act, 2002. For personalised financial guidance, please consult a licensed Financial Services Provider (FSP).
