Resources available to assist with connection between mental health, financial wellness
There is a strong correlation between financial stress and mental health. According to Forbes, stress resulting from financial uncertainty often leads to chronic anxiety and stress.
A CreditWise survey released in May 2024 said 73% of Americans rank their finances as their No. 1 stressor. Additionally, the Project Healthy Minds 2024 State of Mental Health survey results found that 66% of Americans said financial issues have hurt their mental health in the past year.
Each year, January is recognized as Financial Wellness Month, which provides an opportunity to review financial wellness and mental health resources that are available to help.
As with other stressors, high levels of financial stress can manifest through physical symptoms such as anxiety, headaches/migraines, compromised immune systems, digestive issues, high blood pressure, muscle tension, heart arrhythmia, depression and feeling 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 Mind, HelpGuide, The JED Foundation and the Money and Mental Health Policy Institute.
Resources available to assist
As part of the Healthy Boiler Wellness 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:
- The Employee Assistance Program offers mental health services through these behavioral health providers: AllOne Health(West Lafayette), Bowen Center (Purdue Fort Wayne), New Avenues (Purdue Northwest) and HealthAdvocate (Purdue Global).
- The Fidelity NetBenefits website provides information specific to Purdue’s retirement benefits but also additional resources — articles, videos, workshops, infographics, podcasts, calculators and tools — to help employees with the health of their finances.
- The financial wellness checkup toolprovides personalized results and helpful budgeting, debt management, savings and protection tips.
- 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. Schedule an appointment online via Fidelity NetBenefits or call 800-642-7131. For general customer service, call 800-343-0860.
- Health coaches at the three Center for Healthy Living locations can motivate individuals to set and meet goals with their finances and more. Call 765-494-0111 to schedule an in-person or telehealth appointment.
- The Healthy Boiler Portal offers a variety of courses under its “University” link, including financial wellness courses such as:
- “Budgeting Fundamentals”
- “Controlling Spending: The Behavioral Science of Spending”
- “Conquering Your Debt” (three-part series)
- “Credit Reports and Scores”
- “Savings Strategies”
- Health savings accounts (HSA), health reimbursement arrangements (HRA) and flexible spending accounts (FSA) — all administered by HSA Bank — allow individuals to use pretax dollars to pay for qualified health care expenses. More information on HSAs, HRAs and FSAs is available here. Additional HSA/HRA dollars can be earned each year through the Healthy Boiler incentive.
- Learn2Live offers a variety of digital behavioral health services based on cognitive behavioral therapy principles, courtesy of Anthem (must be covered by a Purdue health plan to access Learn2Live).
- LiveHealth Online Psychology and Psychiatry provides virtual mental health care, courtesy of Anthem.
- Rx Savings Solutions is 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 members; all employees need to do is activate their account, if they have not already done so. Rx Savings Solutions does the rest of the work.
Individuals who are struggling with stress, anxiety, depression and more related to money and finances are encouraged to learn more about and utilize the above resources, which are available year-round to benefits-eligible employees and their dependents covered on a Purdue health plan.
Questions
Questions about financial wellness and behavioral health resources can be directed to the Human Resources Service Center at 765-494-2222 or via email at hr@purdue.edu.