Money and Mental Health

Money and mental health

Managing personal finances and good mental health go hand in hand. So if you are struggling to keep control of your income and expenditure, you may find that your mental health is affected. Likewise if you find that you cannot cope with your feelings or behaviour, your finances may be neglected.

The guide ‘looking after your personal finances’ is available

1 in 2 adults with debts has a mental health problem. 1 in 3 people with a serious mental health problem are in debt. They are three times more likely to be in debt compared to people without similar conditions.

If you are worried about your own or someone else’s debts it is essential to act sooner rather than later. Time spent helping people address their debt problems could improve their overall health and wellbeing and reduce future service use. Follow these four simple steps to help – C.A.R.E

Consider debt as an underlying cause in stress-related illness, both mental and physical.

Ask simple questions about debt; emphasise the value of money advice early intervention can prevent a crisis.

Refer to an appropriate debt agency (telephone, on-line or face-to–face). Use this guide to find free and independent advice services.

Engage with advisers – a referral to a money adviser is the first step.

Go to the Money Matters Pages for more information!