Money worries can affect your health: Tips on managing financial anxiety

Do you experience anxiety around the state of your finances?

You wouldn't be alone - about 63% of people in South Africa experience financial anxiety, says Gugu Sidaki, wealth manager at Wealth Creed.

This can affect both your mental and physical health, whether you're worried about basics like covering your monthly expenses or more high-end financial issues.

"The South African stats are according to Sanlam's benchmark report, and they're very similar findings to what we're seeing globally."

"Financial anxiety can affect anybody, regardless of their socio-economic status... It can lead to issues such as depression, heart problems, insomnia; sometimes even alterations to your immune system, so it's quite serious."

Gugu Sidaki, Wealth Manager - Wealth Creed

How do we manage this financial anxiety before it makes us ill?

Sidaki shares some of the many tried and tested methods out there.

Some of those she's discovered for herself include mindfulness and stress reduction techniques.

"We sometimes scoff at that, but there is actually so much value in pausing, and taking stock of what's going on in your mind and in your heart, and how that affects you both in the short- and long term."

Gugu Sidaki, Wealth Manager - Wealth Creed

Physical exercise is also a good way to burn off stress, Sidaki says, adding that a healthy diet is of course important too.

Another big one is actually communicating your money worries - find someone you can talk to, she advises.

"I often meet people in our practice who are carrying so much anxiety and stress and they're not talking to anybody, which makes it really scary."

Gugu Sidaki, Wealth Manager - Wealth Creed

Something we may not think of when we're eaten up by financial anxiety, is actually improving our financial education.

There's a lot of relevant information that's free to access on the internet, but you do need to be selective, she cautions.

"You can't consume absolutely everything, because there's a lot of nonsense as well. You do need to filter, but there is a direct link between your level of finanacial education and your finanacial wellbeing.

"It really is important, and it is your responsibility to improve on that."

Gugu Sidaki, Wealth Manager - Wealth Creed

Other things to consider are personal finance hacks, and getting advice from a finance professional.

Scroll to the top of the article to listen to Sidaki's advice in detail