More than half of people with mental health issues feel anxious about money
Research shows financial struggles during Mental Health Awareness Week
New research from the Money and Pensions Service (MaPS) shows more than half (57%) of people who have experienced a mental health problem in the past three years say thinking about their financial situation makes them anxious.
The research, released to mark Mental Health Awareness Week (9th – 15th May), also shows that they are more likely to be at risk of falling into serious money problems than those who haven’t experienced any mental health problems.
They are also more than twice as likely to say thinking about their financial situation makes them anxious (57% vs 26%), four times as likely to be behind on priority bills (44% vs 11%); four times as likely to be borrowing to pay off their debts (24% vs 6%); and almost three times as likely to often borrow to buy food or pay bills because they’ve run out of money (32% vs 11%).
MoneyHelper is encouraging people to seek help if they are worried about money – whether it’s for themselves or someone close to them.
Offering support for a range of money matters, it includes tools such as the ‘Bill Prioritiser’, guidance on how to maximise your income and to understand what benefits you might be entitled to, managing your money and mental health, and how to get free expert debt advice.
Even if they do not report having a mental health problem, more than a quarter (26%) say that thinking about money matters makes them feel anxious. Yet one in five (21%) people in this group have not sought any support.
Experts from the Money and Pensions Service and Rethink Mental Illness are available to discuss this research further and outline what support is available to those struggling with finances and their mental health.
Sarah Poretta, Executive Director at the Money and Pensions service in Dorset, said:
"We talk about money being the last taboo which is quite interesting as 10 years ago mental health was a huge taboo and I think we've seen a real change in that. This has made mental health awareness week and senior people talking about mental health more acceptable but we need to see the same movement around money where people aren't ashamed when they are talking about money."
Mental Health Crisis Breathing Space (MHCBS) is another resource that spokespeople will be signposting to.
Some people in acute mental health crisis may also be eligible for Mental Health Crisis Breathing Space, which pauses debt enforcement action and interest on debts during the period a person is in crisis treatment.