Financial Habits, Not Income, Linked to Mental Wellbeing

New research from the University of South Australia suggests that developing healthy financial habits, such as regular saving and timely credit card payments, can improve mental wellbeing. A study tracking over 20,000 Australians for more than two decades found that individuals who consistently saved money and managed credit card payments scored higher on mental health assessments. The study, published in Stress and Health, used sophisticated statistical methods to establish a causal relationship between financial behaviors and mental health. Men showed stronger mental health benefits from improved saving habits compared to women. (Studyfinds)