There is a strong correlation between mental health and financial stress. According to Forbes, stress resulting from financial challenges is often chronic.
In a February 2022 study from the American Psychological Association, 65% of respondents said money is a significant source of stress. A Bankrate and Psych Central survey, completed in April 2022, also found a significant number of Americans experience financial worries, and more than 50% of those who worry about money cited it as a specific issue that negatively impacts their mental health.
High levels of financial stress, as with other stressors, can manifest itself through physical symptoms such as anxiety, headaches/migraines, compromised immune systems, digestive issues, high blood pressure, muscle tension, heart arrhythmia, depression and a feeling of being overwhelmed.
Individuals with high financial stress are twice as likely to report poor health overall and are four times more likely to complain of ailments, according to Forbes.
Several organizations share supporting information, including HelpGuide (“Coping with Financial Stress”), the JED Foundation (“How to Deal with Financial Stress”) and Money and Mental Health Policy Institute (“Money and Mental Health: The Facts”).
Resources available to assist
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 (West Lafayette and Purdue Northwest locations) and Purdue Fort Wayne can help effectively motivate and encourage changes to help individuals set and meet goals with their finances and more. Call 765-494-0111 or 260-481-6651 (Fort Wayne) 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.
- The Healthy Boiler Portal offers a variety of courses under its “University” link, including financial wellness courses on topics such as:
- Manage Unexpected Events and Expenses
- Navigating Market Volatility
- Protect Your Families’ Financial Future
- Raising Money-Smart Kids
- Strategies for Student Loan Debt
- The Fidelity NetBenefits website provides information specific to Purdue’s retirement benefits and additional resources – articles, videos, workshops, infographics, podcasts, calculators and tools – to help employees with 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 and HRA dollars can be earned each year through the Healthy Boiler incentive.
- Rx Savings Solutions – 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 is activate their accounts, if they have not already done so. Rx Savings Solutions does the rest of the work.
- MyMoney – a free service provided by the Division of Financial Aid – can be used as a resource for those in the Purdue community who have financial literacy questions and are looking for helpful ways to handle financial situations faced in everyday life.
- LiveHealth Online Psychology and Psychiatry – courtesy of Anthem, provides virtual mental health care.
- Learn2Live – formerly known as myStrength, offers a variety of digital behavioral health services based on Cognitive Behavioral Therapy principles.
- SupportLinc (West Lafayette), Bowen Center (Purdue Fort Wayne) and New Avenues (Purdue Northwest).
Coming up – America Saves Week 2023
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 will be observed Feb. 27 through March 3, and each day has its own theme. The week is designed to encourage individuals and families to save money and build personal wealth.
2023 America Saves Week daily themes are:
- Saving Automatically | Monday, Feb. 27
- Saving for the Unexpected | Tuesday, Feb. 28
- Saving for Major Milestones | Wednesday, March 1
- Paying Down Debt is Saving | Thursday, March 2
- Saving at any Age | Friday, March 3
Fidelity – Purdue’s official provider of education, guidance and assistance related to retirement plan investments and decisions – will present multiple workshops each day throughout the week on a variety of financial wellness topics to help attendees tackle debt and start saving. The full schedule of Fidelity workshops is available here.
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 available 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) – medical plan provider for students and graduate students – offers 292 unique mental health providers serving at various locations that are in-network with UHCSR within Tippecanoe County. The list is available here. 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.
