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It’s well-documented that financial stress adversely affect women’s mental and physical well-being, but the same goes for men and while I’m not being biased, it’s an issue that’s arguably under-discussed.
Now is an opportune time for those conversations to start, particularly at the advisor level, because June is Men’s Health Month. Jeff Smith, the owner of The Retirement Smith, a Virginia-based retirement planning firm, is among the experts calling attention to the need for more conversation around the toll finances take on men’s health.
“This issue is not talked about enough, but I’ve seen the devastating impact that financial stress is having on men’s health," said Smith in a statement. "As a society and individually, we need to gain a better understanding of the issue, including how to address it.”
The intersection of men and financial stress isn’t about martyrdom or increased sympathy, but the reality is men and women handle stress in different ways with women often being more productive on this front. Men put up fronts, acting as though everything is alright financially speaking and that only creates more stress. As Nursing Research points out, men’s financial veneers can manifest in myriad negative waves, including anger, burnout, headaches, stomach problems, and more.
Inside the Financial Psyche of Men
I’m not psychologist or clinical therapist and I know many advisors out there aren’t, either, but I’m male so I have some perspective on how money matters can be drags for some men.
Financial lulls, be they unemployment or investments gone bad, can be particularly stressful for men. After all, men are hardwired to believe we should be “good” at finances. Then there’s burden of, in some cases, being a household’s primary breadwinner. Add in the elements of “keeping up with the Joneses” – something men are vulnerable to – and it’s not always easy being a male. Simply talking about it is a good place to start.
“We cannot have a month highlighting men’s health without discussing financial stress,” said Smith. “The two go hand-in-hand. Financial strains on men need to be addressed, as they are related to his psychological and physical health, and his wellbeing.”
In addition to more conversation and “getting over themselves,” men can take simple steps to help themselves from a financial mental health perspective. As Smith points out, one of the pillars of this exercise is assessing needs and wants.
For example, you may well want a Porsche and Rolex and are feeling financially inferior because you have neither. However, those are “wants” and if your needs are taken care of with some excess capital left over, you’re likely doing better financially speaking than you’re giving yourself credit for.
More ‘Man Moves’ to Make
Men looking to shore up their financial and mental well-being ought to consider getting themselves out of the camp of men – one that outnumbers women – that don’t want to work with financial advisors. That’s an important step in alleviating financial stress and an advisor, though not a therapist, can act as sounding board for matters of the financial art.
Another page men ought to take from their female counterparts is self-care. Put simply, women are better at this than men. Eating and sleeping right and exercising aren’t necessarily wealth creators, but those small moves can actually be big steps in terms of improving mental and physical fitness. And don’t make the classic mistake of assuming more money means more happiness.
“Remember that money doesn’t buy happiness. That is an inside job,” according to Smith’s statement. “Once basic needs are met, one has the capacity to be happy, without having more possessions. In other words, while it seems like a new boat is going to make one happy, the truth is that it may be a financial burden that brings about the opposite due to the financial stress it causes.”
Related: Has the AI Boom Made Advisors Forget the Power of Dividend Growth?