Report from Money Advice Service links mental health and debt

According to research from the Money Advice Service more than 55% of adults have struggled with their wellbeing because of money problems at some point in their lives.

38% pointed the finger at debt as the biggest financial issue linked to suffering with mental illness – with being unable to cope with everyday costs such as bills coming in at a close second (29%).

A recent report from the Money Advice Service found that 59% of people contacting them for debt advice reported that they had been diagnosed with a mental health condition. This is much higher than the UK average of 17%, highlighting how money problems and mental health and wellbeing can be interlinked.

The Money Advice Service has developed a guide, identifying what to do if you’re concerned that money worries are affecting your own or someone else’s mental health or wellbeing, which you can find here.

According to the research, the most common signs include noticeable changes to mood or temperament (36%) and increased tiredness due to lying awake at night (31%).

Sarah Porretta, Financial Capability Director at the Money Advice Service, said, “Sometimes money worries can be a symptom of poor mental wellbeing; sometimes poor mental wellbeing can be the result of money worries…

“Whether it’s finding everyday tasks hard, like keeping on top of bills and bank statements, or finding yourself missing payments, help is available. Talking to someone, and taking the time to focus on your own wellbeing, is a really difficult but hugely important first step.”