Financial stress: more than just money worries – in conversation with Wilco van Dijk
What does financial stress do to people, and how does it affect their health and well-being? Wilco van Dijk, Professor of Economic Psychology and its Applications at Leiden University and Director of the Knowledge Centre for Psychology and Economic Behaviour, researches how financial circumstances influence our behaviour. Through the Knowledge Centre, he works to translate scientific insights into practical solutions to societal challenges.
At Leiden University's Health & Wellbeing Event on 10 November, Wilco will give a short pitch and a presentation during the breakout session on mental health in young adulthood, focusing on financial stress. We ask him three questions ahead of the event.
1. Financial stress may seem, at first glance, to be mainly about money. How does it affect our health and well-being?
"Financial stress is about much more than simply not having enough money. People who constantly worry about their financial situation often feel less in control of their lives. Prolonged financial stress can affect both mental and physical health. Stress also influences the way people make decisions. Financial well-being is therefore inextricably linked to health and well-being more broadly."
2. What is one striking insight from your research that you would like to share?
"For example, we see that people experiencing financial stress are actually more likely to avoid dealing with their finances. Yet this often only makes their problems worse, creating a vicious cycle. This shows that financial difficulties are not just about money, but also involve psychological processes. Simply providing information or advice is therefore often not enough."
3. You are also Director of the Knowledge Centre for Psychology and Economic Behaviour. How do you translate scientific insights into practice, and what can participants expect from your presentation?
"At the Knowledge Centre, we bring research and practice together. We work with civil society organisations and government bodies to find ways of supporting people in making financial decisions. We look not only at why people make certain choices, but also at which interventions can genuinely help. During the breakout session, I want to show how insights into financial stress can contribute to more effective support in practice."
Ontdek meer tijdens het Health & Wellbeing Event
What research, interventions and collaborations in the field of health and well-being are taking place at Leiden University? Alongside Wilco van Dijk's contribution, the event offers a varied programme in which researchers from different faculties share their work. It also highlights collaborations with societal partners such as Leiden Municipality, TNO, the Municipal Health Service (GGD), the Healthy Society programme and the Leiden Healthy Society Center (LHSC).
Do you work in research, education or projects related to health and well-being? The event also offers you the opportunity to present your own work, share ideas and connect with colleagues and societal partners. Show what you are working on, explore new perspectives and lay the foundations for future collaborations.
Curious about how we can work together towards a healthier society? Join us at Leiden University's Health & Wellbeing Event on 10 November!