This online event aimed to provide expert insights into normalizing conversations around money and mental health. We shared strategies to support your well-being and your family’s, along with tips to overcome the ‘Blue Monday’ blues and create better outcomes year-round.
Meet the Experts
The event featured two leading experts:
- Nick Lawlor – CEO of Employee Financial Wellness (EFW)
- Barbara Louise Brennan – Founder of Mental Health Matters (MHM)
Is January Tough Financially?
Nick began by asking attendees whether they found January financially challenging. For many employees, it can feel like a long stretch between their December paycheque and the next one in January.
- Some attendees said they had planned ahead.
- However, most admitted feeling financial pressure due to overspending during the holidays.
Money as an Enabler
Nick discussed how money doesn’t directly bring happiness but serves as an enabler of life’s experiences and goals. A lack of financial freedom often leads to significant stress.
- Key Insight: It’s not about having more money but about using it wisely to achieve what truly matters in life.
The Link Between Money and Mental Health
Barbara emphasized that financial literacy changes how we view and manage money.
- Money and Worry: Financial concerns are among the top causes of stress and have a direct impact on mental health.
- Breaking the Stigma: Like mental health, financial health often carries shame and assumptions of judgment, which must be addressed through open conversations and education.
The Origins of Blue Monday
Nick explained that Blue Monday was originally a marketing concept created by the now-defunct travel company, Sky Travel, to encourage people to book holidays.
- Groupthink and Perception: The more we focus on January as a challenging month, the more we internalize it, creating stress and anxiety.
Distress vs. Motivation
Nick and Barbara discussed the difference between stress that motivates and distress that hinders:
- Motivational Stress: Helps us take action and stay productive.
- Distress: Causes worry, anxiety, and physical symptoms like sleep issues or stomach problems.
The Story Behind Employee Financial Wellness (EFW)
Nick shared the motivation for starting EFW:
- During the 2008 financial crisis, he observed the financial services industry focusing heavily on product sales rather than education.
- EFW was founded to empower employees with financial education, helping them prepare for life events and make better financial decisions.
Barbara’s Personal Story
Barbara shared her journey as a suicide survivor living with chronic pain and mental health challenges.
- Taking control of her finances improved her overall well-being.
- With education and determination, she learned to manage her money better, bought her house, and re-entered the workforce.
Tips for Financial and Mental Well-Being
- Nick’s Framework: Label, Target, Do, Review
- Label: Identify what you want to achieve.
- Target: Set clear, actionable goals.
- Do: Take the necessary steps to reach those goals.
- Review: Periodically assess your progress and adjust as needed.
- Barbara’s Mantra: Ask, Pause, What’s True, What Can I Do?
- This approach helps you identify the root cause of your feelings and focus on actionable steps to address your situation.
Final Thoughts: Avoiding Spend Creep
Nick cautioned against “spend creep,” where additional income leads to increased spending instead of achieving meaningful goals.
- Focus on understanding your goals, labelling them clearly, and taking intentional actions to achieve them.
Need More Support?
Thank you to those who attended the event!
- For EFW Clients: If you attended the webinar, you can log in to your portal and request a Guidance Call to discuss any questions or concerns.
- For Non-Clients: If you joined the call but aren’t part of one of our client companies, feel free to contact us, and we’ll work with you to provide support.
