Is there a connection between mental health and money?
Do you worry about money? A recent survey of our community revealed that 82% of LGBTQ couples worry about money at least once a month, with 58% of respondents admitting to feeling anxious at least once a week! So, what exactly is getting us down? How is the stress impacting our mental health? And what can we do to improve the situation? Is there a solution to better mental health and money?
Sam Schultz is the co-founder of Honeyfi, a budget app that helps couples manage their money together. The company recently completed a ‘Love and Money Survey’ with 300 couples in the LGBTQ community to identify their unique challenges and top goals.
Sam returns to Queer Money to cover the struggles LGBTQ couples face when it comes to money, beginning with a lack of emergency savings and ongoing worry about money—despite earning more than the median household income. He offers insight around how social media culture plays into the LGBTQ community’s spending choices and why it’s important for us to share honest stories about our money challenges. Sam shares the study’s findings on the large percentage of couples that don’t use any financial tools or resources and the connection between couples with poor credit and mental health concerns. Listen in to understand the opportunities the LGBTQ community has to improve our collective relationship with money and learn how the Honeyfi app can help!
The statistics around LGBTQ couples and savings
- 33% couldn’t afford $500 emergency
- 44% have less than $1K saved, 19% have $0
- 52% concerned about lack of savings
The contradictory numbers re: income and worry
- 66% earn income higher than median
- 82% worry about money monthly
- Impact of student loan, credit card debt
How social media plays into spending choices
- Spend on dining out, travel and entertainment
- ‘Keeping up’ leads to poor financial decisions
The Honeyfi findings around financial tools, resources
- 35% don’t use any tools/resources
- Lack of awareness or ‘ostrich approach’
The link between financial preparedness and mental health
- 35% not financially preparing for future
- Mental health suffers from resulting worry
The data on LGBTQ couples with bad credit
- 55% report fighting daily, weekly or monthly
- 100% worry monthly, 86% weekly, 51% daily
Why we need to share honest stories about money
- Avoid same mistakes
- Inspire to move forward (seems doable)
The features of the Honeyfi app
- Helps start, keep conversation going
- Integrate finances but control what’s shared
- Track budget, bills and spending
- Navigate life events, save for goals together