Money and Mental HealthPosted on Oct 10, 2022
Money and Mental Health problems are often connected. Learning how money and mental health are linked may help if you’re struggling.
Today is World Mental Health Day 2022, so we’re taking a look how your money and your mental health intricately linked.
- Research from Money and Mental Health show over 1.5 million people are experiencing both money and mental health problems.
- 46% of people in debt, also have a mental health problem
- 86% of people said that their financial situation made their mental health problems worse.
How do money and mental health work together?
- Financial difficulties are a common course of stress and anxiety. The stigma around debt and money problems means people struggle to reach out and ask for help. This further leads to isolation and loneliness.
- When somebody is suffering from money and mental health problems, their recovery rates from their mental health conditions reduces. For example, people in financial difficulty who suffer with depression are 4.2 times more likely to still suffer from depression 18 months after those without money problems.
- Worry about money can lead to sleep problems. There is a close relationship between sleep and mental health. Read more about sleep and mental health here.
How does mental health affect your income?
- People with anxiety and depression earn, on average, £8,400 less than those without these mental health conditions.
- Less than half of UK adults with a mental health problem were are in employment.
- Mental health episodes can disrupt income as people may struggle to attend work, maintain benefit claims or their ability to keep on top of managing their money.
- Mental health can affect the way you deal with money. If you feel low or depressed, you may feel unmotivated to manage your finances. Spending might give you a brief high and impulse purchasing can make you feel happier in that moment.
Where can you turn for help?
Worries about money can impact your mental health. Your mental health also affects how you manage your money.
- Organise your finances – Find out how to manage your money when you are unwell or having a mental health episode.
- Talking to your service providers – Click here for information if you are choosing to tell your bank, energy provider or other service providers about your mental health.
- Credit Union – Your credit union may be able to help financially if you are struggling. Credit unions contribute to help their members’ emotional and mental health by providing affordable financial support and convenient payroll savings. They are ethical and regulated.
– Stay away from high interest, high street, payday loan companies and Illegal Money Lenders! They will lend to you, charge extortionate interest rates and Loan Sharks often turn to threats and violence when repayments aren’t made! Read more about loan sharks here.
Looking to manage your money better before it affects your mental health? Check out our top tips to make your money go further.