80% getting debt help say their mental health has affected their finances

Mental health problems and money worries can quite easily become a vicious circle.

Living with a mental health problem can make it difficult to earn and manage money, and constantly worrying about money can damage your mental health.

To mark Mental Health Awareness Week, we carried out a survey to try and find out more about the link between mental health problems and money worries.

The results made it clear just how intertwined the two issues are, with 80% of those who come to us for debt help saying their money struggles have been made worse by a mental health problem and 78% saying most of their stress is caused by financial worries.

On a brighter note, our survey also highlighted that getting help with your money worries often results in significant improvements in mental health.

Three out of four people (74%) said they felt like a weight had been lifted from their shoulders after coming to us for advice.  

The stress caused by money worries – what we found out

• 78% said most of their stress is caused by money worries
• 83% said they feel stressed most of the time
• 76% said stress stopped them sleeping properly
• 74% said stress was having a negative impact on their mental health
• 55% said stress was having a negative impact on their physical health
• 22% said stress was causing relationship problems
• 22% said stress was affecting their performance at work
• 55% said stress affected all aspects of their life

The impact of a mental health problem on financial wellbeing – what we found out

• 80% said a mental health problem had a knock-on effect on their finances
• 50% said a mental health problem means they feel anxious when they think about managing money
• 16% said a mental health problem means they find it extremely difficult to save money for a rainy day
• 9% said a mental health problem means they deliberately ignore calls from people to whom they owe money

Getting help with money worries – what we found out

• 80% said speaking to us reduced their stress levels
• 74% said they feel a weight has been lifted off their shoulders
• 62% said they’re sleeping better since coming to us for help
• 62% said they feel less anxious after getting advice

Struggling with money and your mental health?

If you’re finding it hard to manage your money because of a mental health problem or money worries are affecting your state of mind, you may find some helpful tips and information in our guide on money and mental health.

And if you need free advice on money issues – from budgeting to debt solutions – find out how to get in touch. We’re here to help.