How Financial Hardships Impact Mental Health

Financial stress is a pervasive concern for countless individuals worldwide. The ability, or the lack thereof, to meet one’s financial obligations has profound implications, not just for our wallets but for our minds and emotional well-being. The ripple effect of financial strain spans from personal to societal levels, impacting children and the elderly with unique nuances.

Connecting the Dots

Every individual has their set of challenges, but financial problems in the family come with a specific brand of stress. This stress results in psychological, physical, and societal consequences. Be it the working adult struggling to make ends meet, the child inadvertently bearing the brunt of household financial strain, or the elderly wrestling with monetary concerns amid health challenges – no demographic is immune.

How to Handle Money Stress

  • When faced with financial difficulties, adopting a proactive stance is crucial: 
  • Seek Expertise: Sometimes, the maze of finances needs an experienced navigator. Don’t hesitate to consult financial experts.
  • Communication is Key: Sharing your concerns with trusted friends and family can often lead to unseen solutions or, at the very least, emotional support.
  • Harness the Power of Mindfulness: Grounding exercises, meditation, and even simple deep-breathing techniques can be potent tools against stress.
  • Baby Steps Matter: Facing a mountain of financial worries? Tackle one issue at a time. It’s less overwhelming and allows for focused solutions.
  • Seek Mental Health Support: Don’t let money control your life. Address the psychological toll of money anxiety with professional help and develop coping strategies, regain emotional balance, and navigate your financial journey with renewed clarity and resilience. Accelerated Resolution Therapy, offered by Najwa Zahr at Calgary Family Counselling, can help you stop worrying about money and overcome budget exhaustion so you can make better decisions with your finances.

Children and Financial Hardships: The Silent Echo

Often overlooked, children are keen observers, picking up on household tensions. It’s essential to be transparent, offer reassurances, and seek professional guidance if signs of severe stress manifest in a child.

The Golden Years Tarnished by Financial Strain

For the elderly, financial concerns are compounded by health issues and the inherent vulnerabilities of aging. Open dialogues, financial counselling tailored for seniors, and fostering community engagement can alleviate some of these challenges.

Facing the Financial Aid Phobia

The prospect of seeking financial aid can be daunting. The fear of judgment, the complexity of paperwork, or simply the acknowledgment of needing help can deter many. However, with information, support, and a focused approach, this process can become a stepping stone to financial stability and peace of mind.

The Therapeutic Avenue

Amid these challenges, it’s essential to remember that seeking therapeutic help isn’t a sign of weakness but a proactive step toward well-being. A therapist can provide coping mechanisms, strategies, and a safe space to discuss and address the emotional and mental toll of financial stress.


Financial hardships are undeniably challenging, but they don’t have to define one’s life. With the right tools, support, and resources, individuals can navigate these turbulent waters and find solid ground. If you or someone you know is grappling with the emotional and mental repercussions of financial strain, reach out to a therapist. Remember, seeking help is a testament to your strength and commitment to a better tomorrow.

Financial Assistance in Alberta

Financial assistance in Alberta, Canada, plays a significant role in supporting individuals and families to meet their basic needs and overcome financial challenges. The provincial government offers a range of programs and initiatives to provide financial aid and support to those in need. 


One of the notable programs is the Alberta Works program, which helps eligible individuals by offering income support, job search assistance, and training programs to help them find sustainable employment. This program also supports individuals who are working but not earning enough. 


The Alberta Child Benefit program is another crucial initiative that assists low-income families in providing financial support for their children. This is a tax-free amount paid to families that have children under 18 years of age. 


Moreover, the province offers the Alberta Seniors Benefit program, which aims to help eligible seniors by providing a monthly cash benefit to supplement their income. Additional senior financial assistance programs include Supplementary Accommodation Benefit, Special Needs Assistance, Dental and Optical Assistance, Seniors Property Tax Deferral Program, and Seniors Home Adaptation and Repair Program to name a few. 


Additionally, there are various emergency financial assistance programs available to residents facing unexpected crises, such as the Emergency Needs Allowance which helps eligible Albertans earning an income but have an emergency such as an eviction notice or a utility bill in arrears.


Overall, Alberta financial assistance programs such as the Alberta Emergency Benefits Program and Alberta Income Support Programs are instrumental in supporting vulnerable individuals and families in their efforts to improve their financial stability and enhance their quality of life.