Money matters this Men's Mental Health Month

November is Men’s Mental Health Month. That’s why we’re shining a light on the connection between men's mental health, spending habits and why men are less likely to ask for help.

The link between mental health and debt

Mental health has close links with financial wellbeing. Each year, one in four people face mental health challenges, such as anxiety, depression or psychosis – which can often be made worse if you’re worrying about money.

In both instances, men are less likely to seek help and will struggle alone in silence, which can make mental health struggles worse.

This is concerning because the leading cause of death in the UK for men under 54 is suicide, with money worries often being a contributing factor.

More than four in ten (44%) of the people who received free debt advice from us over the phone in the last three months identified as men.

While men are more likely to tell us about any addictions, learning difficulties or physical disabilities, they’re less likely to open up about any mental health concerns.

Open conversations about money are vital, as breaking the silence can save lives.

Why men struggle to ask for support

Money-related stress can weigh heavily on anyone, but it can hit men especially hard as they often avoid talking about it.

A 2019 study by the Money and Pensions Service found  that 45% of men avoid talking about money, compared to 36% of women. Research also shows generational differences, with millennial men being most likely to seek debt advice (37%), while boomers are the least likely (14%).

For men, avoiding conversations about money can be due to several reasons, such as:

• feeling like they need to be the breadwinner
• thinking asking for help is a sign of weakness
• fear of being judged by family or friends
• their self-worth being tied to how much money they make

These pressures can cause isolation and feelings of shame or not being good enough, while others can turn to risky behaviours, such as gambling.

This often becomes an escape, creating a vicious cycle that worsens both financial and mental health – as our customer Craig experienced.

Barriers like these stop men from accessing the support they need, leading to a cycle of more stress and worsening mental health.

How men’s spending habits compare to women’s

When we look at spending and debt, there are clear differences between men and women’s behaviours, e.g:

• Men often buy more tech and gadgets while women prioritise household bills and savings.
• Men are more prone to impulse buys.
• Men may skip paying bills more often.
• On average, men owe more than women, but on fewer debts.
• Men’s debts tend to be credit card, overdrafts, hire purchase or car finance (women’s lean towards buy now, pay later, household bills and mortgage/rent arrears)

Understanding these habits can help men make better financial choices.

Better mental health and finances

By recognising the specific challenges men face, we can create a supportive space so they can talk about their money worries without any stigma, such as:

• encouraging open conversations about money with loved ones
• urging men to seek help for both mental health and money worries
• better financial education in the workplace can help men manage money and avoid falling into debt

Getting professional help

If you're struggling with poor mental health because of debt, it’s important to reach out for help sooner rather than later.

Taking that first step can be hard, but if you or someone you know needs support, consider getting in touch with one of these charities or organisations:

• Samaritans – www.samaritans.org 
• SHOUT – text SHOUT to 85258, 24/7
• Mind – www.mind.org.uk or call 0300 102 1234
• Rethink - www.rethink.org or call 0808 801 0525
• Men’s Minds Matter – www.mensmindsmatter.org
• Andy’s Man Club – www.andysmanclub.co.uk

You can also contact your local NHS urgent mental health helpline or speak to your GP for immediate support. If you think you might harm yourself, call 999 or go to A&E right away.

Reach out for free debt advice

Research shows a person's overall health and wellbeing can improve when their debt is cancelled or reduced.

If you’re facing debt and feelings of hopelessness, our dedicated team of advisers are there to help anyone in a vulnerable situation tackle their money troubles.

We’ve also partnered with the Rethink Mental Illness charity to offer specialist support. You can read about this partnership in our interview with Rethink here.

If you go to Rethink for mental health support, they’ll go through your finances with you if you also need debt advice (you might be referred to us in some cases).

Similarly, if you come to us about money worries and we think you could benefit from specialist mental health support, we’ll refer you to Rethink. 

Our advice is always free and impartial, whether you prefer to call us during our office hours on 0161 518 8285 or access our online advice at a time that suits you.

Remember, there's always a way forward.