419 - Financial Resilience and Mental Health
Episode Title: Financial Resilience and Mental Health
Money worries can have a huge impact on a person’s mental health—and younger workers are especially vulnerable. Here’s why, next on The Perna Syndicate.
Ep 419 show:
Hello and welcome to The Perna Syndicate! Inflation and other economic challenges are affecting almost everyone today. But compared to older workers, many younger professionals are facing these economic blows with fewer resources. Their financial resilience is lower. And how they feel about it differs based on where they live.
According to an international study, young people’s financial attitudes are significantly influenced by their country’s economic climate. 81% of workers in emerging markets were optimistic that their lives would be better in five to ten years, while only 63% in developed economies could say the same.
The study also found that “absolute upward mobility,” defined as earning more than one’s parents, is harder today for young American professionals than it has been for any generation since World War II.
So how is all of this affecting young people’s mental outlook? Ongoing financial worries can weigh on a person’s mind, to the point that it becomes a mental health problem.
While the purpose of their work is always paramount for young people, the paycheck matters too. Companies need to be sensitive to these pressures and offer transparent opportunities for younger workers to advance their careers and earnings. Developing financial resilience is a critical part of staying mentally healthy.
Tomorrow: Can managers help their teams deal with mental health challenges if they’re struggling with their own? On the next episode of The Perna Syndicate, we’ll talk about what leaders can do to invest in their own mental health. See you then!