The mind-money connection: how financial health shapes mental well-being (and vice versa)

Purpose - This work aims to examine the bidirectional relationship between mental health and personal finance, synthesizing empirical evidence to identify trends, characteristics and future directions for research. Design/methodology/approach - Using PRISMA Framework guidelines, 32 articles published between 2002 and 2024 from Web of Science were analyzed. Bibliometric tools (Microsoft Excel and R Studio) mapped research evolution, country collaborations and keyword co-occurrence. Thematic analysis clustered findings into mental health, financial capability and financial literacy perspectives. Findings - The interplay between mental health and personal finance creates a self-perpetuating cycle, wherein structural elements like debt and income instability disproportionately impact marginalized populations, including women, autistic individuals and low-income families. Financial literacy, while important, cannot stand alone; it necessitates accompanying structural support such as debt relief and cash transfers. Central facilitators encompass fiscal assurance and personal efficacy. Advancements like artificial intelligence and longitudinal designs are propelling development in this domain; however, discrepancies in measurement continue to exist. Originality/value - This review synthesizes a diverse array of literature, underscoring the imperative for integrated mental and financial health interventions. It offers a critical examination of the excessive dependence on solutions focused solely on the individual, advocating for comprehensive policies that tackle financial instability as a matter of public health significance. Future inquiries should aim to establish uniform metrics, investigate the ramifications of digital finance and emphasize the importance of cross-cultural causal analyses.