With effect from 31 October 2023, the Business I-Banking service will be terminated and will be replaced by our new Baiduri b.Digital Business service. To help you with your transition, email us at [email protected].
Money and Mental Health: Transforming Financial Stress into Security
Feeling overwhelmed by concerns about family, finances, or the future is a common experience.
October 10th marks the World Mental Health Day—a moment to pause and contemplate on our mental well-being. If you find yourself grappling with stress, rest assured that steps can be taken to steer your life towards success.

Feeling overwhelmed by concerns about family, finances, or the future is a common experience. Some individuals struggle to cover their monthly rent or provide for their loved ones, while others face unexpected financial setbacks like unexpected medical bills or sudden plumbing repairs.

Globally, surveys consistently reveal high stress levels among individuals. In a joint study on workplace mental health in Asia conducted by Aon and TELUS Health, survey findings revealed that 82% of employees have moderate to high risk of developing mental health issues. A number that highlights a growing concern of workplace wellbeing in the region. The report explored workplace mental health and the impact on productivity across 12 countries in Asia.
Stressed About Money?
In another survey commissioned by CNA across six Asian countries and territories, financial security was ranked as the second most significant factor affecting mental health.

Numerous factors can trigger financial anxiety, from job loss and rising inflation—external factors beyond our control—to major life events such as marriage or starting a family.

Read our article Higher prices, lower income: Winning the race against inflation for more insight on managing the impact of inflation on your money.

Financial stress can have profound effects on both mental and physical health. For some, it manifests as anxiety and worrisome thoughts, leading to anger, irritability and disrupted sleep patterns. Others may develop unhealthy eating habits and physical symptoms like weight fluctuations, stomach aches and headaches.

Experts warn that the impact of financial stress on well-being can be as severe as depression.

If you've found yourself overwhelmed by fear and uncertainty about the future, know that you're not alone. It's crucial to address these emotions promptly and prevent them from escalating further. Begin by adopting stress-coping strategies, like deep breathing exercises or taking short breaks during your day to de-stress. Engage in activities such as listening to calming music, going for a walk, or spending time with friends.

After reflecting on your mental state, shift your focus towards transforming financial stress into financial security. Here are three valuable tips:

1. Get back to basics
Not everyone has had the privilege of growing up with a solid understanding of financial literacy. However, this knowledge is indispensable for making informed financial decisions. Lack of financial understanding can lead to unnecessary stress. Fortunately, there are numerous online resources available, including our Learn page, where you can access articles to help you grasp the fundamentals of budgeting and saving. Regularly monitoring your finances is crucial. When you regain control over your financial situation, you will feel less stressed out.

2. Distinguish needs from wants and establish an emergency fund
Once you understand the basics, start by tracking your monthly spending and categorise your expenses as either needs or wants. From there, consider cutting back on the nice-to-haves and find more cost-effective ways to fulfil your necessities. Keep in mind that this doesn't have to be a long-term solution; it's a temporary strategy until your economic situation improves. If you haven't already, now is an excellent time to create an emergency fund that covers at least 6 months of living expenses. This fund will serve as a safety net for unexpected financial curveballs life may throw your way.

3. Work on reducing your debt
If you're burdened with credit card debt or still paying off a home loan, devise a plan to reduce your debt and maintain the discipline to see the plan through. It's also crucial to settle existing debts before considering new ones.

Read our article 5 tips to avoid getting deep in debt for more pointers on breaking free from the debt cycle. If you have further questions on budgeting or maintaining your financial health, book a consultation with our financial planners.

Here’s the bottom-line: financial challenges can undoubtedly impact your mental well-being. However, your personal well-being should always take precedence. Strive to lead a low-stress lifestyle by focusing on healthy eating, sufficient sleep, and regular exercise. Most importantly, don't hesitate to seek assistance if you're facing financial difficulties.

When it comes to securing your financial future, focus first on self-education and a firm understanding on the fundamentals of budgeting and financial planning. Cultivate responsible financial habits, including cutting down on discretionary spending, building up an emergency savings fund, and tackling debt.

Remember, like everything in life, you can control your destiny and it’s the same with your financial health.

If you’re struggling and need to speak to a professional about what you’re going through, don’t be afraid to seek help. You can reach Talian Harapan 145 at any time of the day. Their mental health advisors are available 24/7.

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Important update
19 September 2023

We would like to inform you that with effect from 31 October 2023, Business i-Banking service will no longer be operational, and this will be replaced with our new Baiduri b.Digital Business service.

If your company has not transitioned to b.Digital Business, please ensure that every existing user provides the following by 8 October 2023 through the Business i-Banking Inbox:
  • User’s full name
  • User’s valid Identification Card (IC) or Passport
  • User’s mobile number
  • User's company assigned email address (General company email is not accepted e.g., [email protected])

Alternatively, you can complete the b.Digital Business Amendment Form and submit the form(s) directly to Baiduri Digital Hub, Ground Level, Baiduri Bank Headquarters.

Every user will receive a notification email at their registered email address, once they have been migrated and activated on the b.Digital Business service.

Companies who have not moved to b.Digital Business after 31 October 2023 can re-apply as a new subscriber to the b.Digital Business service. This will require additional documentations to be submitted as part of the application. Refer “Required Documents” here.

Important notice: Our Business i-Banking service will be deactivated soon. To ensure continued access and a smooth transition to the new Baiduri b.Digital Business, please provide your full name, IC, email address and mobile number via Business i-Banking Inbox. If we do not receive updated details from all authorised users, your company will not be migrated to the new platform and a fresh application will be required. For assistance, contact us at [email protected] or call 2268 637/8/9 during business hours. Thank you for your cooperation.

To strengthen our online security measures, effective 8 January 2024, we will introduce the cooling period feature on our Baiduri b.Digital Personal web and mobile app to prevent unauthorised access.

Click here for more information.

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