World Mental Health Day – Your financial wellbeing and your mental health are connected

As the world comes together to observe World Mental Health Day today, as a credit union serving the Defence Force Community and your families, we wanted to take the opportunity to shed light on an often-overlooked aspect of mental well-being – the profound impact of poor money management on mental health. 

In today's fast-paced society, financial concerns have become a universal source of stress, affecting people from all walks-of-life. The pressure of meeting financial obligations, saving for the future, and managing unexpected expenses can lead to anxiety, depression, and even exacerbate existing mental health conditions.  This is little helped by the enduring social taboo of openly discussing one's personal finances here in this country. 

The cycle of chronic stress caused by financial instability can have a cascading effect on various aspects of our lives, including relationships, work performance, and overall quality of life. This is why, here in ANSAC, we believe, it’s so important to reach out for help and improve your financial know-how.   

“When under such pressure, it can be difficult to see the wood for the trees.”  says Gillian Dunne, CEO of ANSAC CU. “But it's important to remember that there are supports in place, such as The CPCC’s Money Skills for Life Programme and The Money Advice and Budgeting Service (MABS).  Or if your difficulty is specifically related to a loan with us here in ANSAC, please get in touch with us as soon as possible and we can discuss your options.”    

More about The Money Skills for Life Programme

Money skills for life is a free, bespoke personal finance talk, developed by the CCPC to provide financial education to consumers, with the support of their employer, community group or charity organisation.

As many of you reading this will be aware, Money Skills for Life presentations are delivered through the BPSSO on a range of topics including budgeting, saving and investing Insurance, borrowing money and dealing with debt. 

If you’re a serving member, you can ask your local BPSSO if they have any courses coming up.

More about MABS

The Money Advice and Budgeting Service (MABS) is a free, independent and confidential service for people who are in debt or at risk of getting into debt.  They also offer Budgeting and Financial Health Check tools which are accessible here: MABS - Money Advice and Budgeting Service

ANSAC EZ BillPay Service

Our EZ BillPay service is as the name suggests, a convenient way of managing your regular bills.  Any members who wish to avail of it, can elect what bills they want paid out through this dedicated EZ BillPay account each week or month. These are then automatically paid out, making it far easier to see what you have left for your other expenses such as the groceries.    

Qualified Personal Finance Advisors

If you are thinking of engaging a Financial Advisor to help you improve your financial well-being, we’d recommend searching out someone who is QFA qualified who possess the knowledge and credentials to deliver comprehensive and reliable advice.  Also consider their reputation, client testimonials, and any industry recognitions or awards they have received. 

“In addition to seeking out external supports and expertise, such as referenced above, the next step on your financial wellness is to become self-empowered.” Says Gillian

Your personal finances and self-empowerment:

1. Educate Yourself: Equip yourself with financial literacy. Understand budgeting, saving, investing, and debt management to gain better control over your finances.

1. Open Communication: Discuss financial matters with loved ones. Transparent conversations can reduce feelings of isolation and foster a supportive environment.

1. Set Realistic Goals: Break down your financial goals into achievable steps. This can help alleviate the pressure of achieving long-term objectives all at once.

1. Practice Self-Care: Engage in activities that promote mental well-being, such as exercise, mindfulness, and spending quality time with loved ones.

“Finally, on behalf of myself, our staff and our invaluable group of volunteers, we wish all our members well this World Mental Health Day.  We will continue to be here for The Defence Force Community and your families, as a safe place to save, get access to affordable credit if you need it and more.”