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How Debt Can Impact Mental Health And What To Do About It
For Debt Awareness Week (18 to 24 March 2024), we've asked Lenny, our Wellbeing Advice and Information Officer, why debt and mental illness are often linked and where to get the right support to deal with it.
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“Debt can cause and be caused by mental health issues. It can be an easy option to just not think about it as it can be uncomfortable and can make you feel increasingly guilty, depressed and even hopeless. But resolving finance-related problems can help to support your mental health and give you a greater sense of wellbeing and control in your life.
A study by the Royal College of Psychiatrists says that:
- 1 in 4 adults will have a mental health issue at some point in their life.
- 1 in 2 adults with debts has a mental health issue.
- 1 in 4 people with a mental health issue is also in debt
Debt can often be related to life changing events, not being in receipt of the right benefits or lack of awareness of financial and emotional support available.
At Mary Frances Trust, we run two services that can help you dealing with debt and restoring your wellbeing:
- Our Wellbeing Advice and Information Service is available over the phone and video to people living in Banstead, Elmbridge and Mole Valley. To apply for this service, please fill in our registration form and we will contact you within 2 working days to schedule an appointment.
- Our Financial and Wellbeing Support Service, delivered in partnership with Citizens Advice Epsom and Ewell, is available face-to-face to people living and working in Epsom & Ewell. To apply for this service, please contact us at : fwss@maryfrancestrust.org.uk or call/SMS on 07380 567708. Download leaflet.
Both services are available completely FREE by self-referral or you can be referred into these by another person or organisation.
How Do We Help?
If you apply to receive support from us, we can give you a budget MOT, do a benefits check, advise on other financial support available, including community fridges and foodbank vouchers.
We can also support your mental health as financial difficulties can often lead to anxiety, stress, low mood, depression or other. It is better to tackle both at the same time!
Further Support and Resources
Citizens Advice – Breathing Space
Additional support and advice can be granted through Citizens Advice, such as Breathing Space, a 60-day break where payment demands are frozen to give space and time to get free advice and make decisions about finances. Further debt and money advice is available on the Citizens Advice website.
Further information on the Breathing Space scheme can be found on the Government’s website.
Stepchange
Visit their website: www.stepchange.org
National Debtline
Read the Mental Health and Debt Fact Sheet
Money Saving Expert
Read the Money Saving Expert Debt and Mental Health Guide
Mind
Visit the Mental Health & Money section of the Mind website.
Mental Health & Money Advice Website
https://www.mentalhealthandmoneyadvice.org/en/
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