Money and mental health

Explores the link between money and your mental wellbeing.

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It's okay to talk about money stress

College can be one of the most exciting times of your life. It's also a time when you're juggling a lot:

  • Assignments and deadlines

  • Part-time jobs

  • Rent and bills

  • Social commitments

  • Planning for the future

With so much going on, it's no surprise that money worries can sometimes feel overwhelming. The important thing to know is, if you’re feeling stressed about money, you're not alone. Bank of Ireland's Youth Mind and Money Report 2025 found that 55% of young people experience stress on a regular basis.

The link between money and mental wellbeing

Money isn’t everything. But worrying about it can become a habit

Especially if you're unsure if you can pay the rent, afford groceries or make it to the end of the semester. There’s a clear connection between financial wellbeing and mental wellbeing in the report:

70% of young people said they feel mentally better when their money is in check. It's about feeling in control, not being wealthy.

Bank of Ireland's Youth Mind and Money Report 2025

Money stress looks different for everyone

Sometimes money stress is obvious but it’s not always easy to spot. You might experience:

  • Difficulty sleeping

  • Feeling constantly worried

  • Avoiding checking your bank balance

  • Feeling guilty after spending money

  • Comparing yourself to others on social media

  • Feeling pressure to keep up with friends

Everyone's financial situation is different. What others show to the world rarely tells the whole story.

Small actions can reduce financial stress

If money is causing you anxiety, you do not need a complete financial overhaul overnight. Often, small steps create the biggest sense of control.

1. Know your numbers

Spend 10 minutes understanding:

  • Your income

  • Your regular expenses

  • What's left after essentials

2. Save a little regularly

Even €5 or €10 a week can build up over time. Having emergency savings, even a small amount, can make unexpected expenses feel less stressful.

3. Do not avoid your banking app

When money feels tight, many people stop checking their accounts. Unfortunately, this can increase anxiety not reduce it. Checking in regularly helps you stay informed and avoid surprises.

4. Talk about it

The Youth Mind and Money Report found that only 45% of young people feel comfortable talking about their mental health, despite many acknowledging the pressures they experience.

Whether it's a friend, family member, college support service or a trusted adviser, talking about worries can often make them feel more manageable.

The bigger picture

The Youth Mind and Money Report highlights that young people do not define success purely through money.

Good health, job security and strong relationships are among the things they value most. Money matters because it can help support those goals. Looking after your finances is good for your bank balance and wellbeing.

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Financial confidence is good for your head space

Many students assume financial wellbeing means having lots of money. It isn’t. It’s something much simpler: Feeling prepared.

Knowing:

  • What money is coming in

  • What needs to be paid

  • How much you have available to spend

  • That you've got a small cushion for emergencies

When you feel prepared, you can spend less time worrying and more time focusing on college, friends and experiences.

You’re not the only one trying to figure it out

One of the most encouraging findings from the Youth Mind and Money Report is that young people are actively thinking about their financial future:

  • 87% believe there are significant benefits to saving

  • 64% are regularly putting money aside

  • Yet 40% admit they're not particularly good at saving

But that’s okay because financial confidence is built over time.

Bank of Ireland's Youth Mind and Money Report 2025

Progress, not perfection

You do not need a perfect budget, thousands in savings or your entire future mapped out. Financial wellbeing is about building habits that help you feel more secure, informed and confident.

For instance, it can be:

  • Tracking your spending for the first time

  • Starting a savings habit

  • Creating a simple budget

  • Asking for help when you need it