MORE than half of adults in the UK have felt depressed or unable to cope due to financial worries.
For some it’s even worse, with one in six reporting that they have experienced suicidal thoughts in the past year due to the cost-of-living crisis.
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Helen Undy, chief executive of the Money And Mental Health Policy Institute (MMHPI), which carried out the research, said: “The combination of money and mental health problems is a marriage made in hell.
“Keeping on top of bills can be utterly overwhelming.”
Harriet Cooke looks at some of the problem areas and where to get help.
Debt can add to your distress
HALF of people with “problem debt” — where they are unable to afford repayments — were found to also suffer a mental health condition, according to a MMHPI study.
Tony Pemberton, 36, from Shepperton, Surrey, suffered depression after running up a debt of £25,000 on car finance, a mortgage and other arrears when he struggled to work due to undiagnosed ADHD.
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He said: “Money worries were a massive burden. Everything was mounting up.
“I’d wake up in the night thinking of a direct debit that was due to go out.”
Once he was diagnosed with ADHD and prescribed the right medication, he began feeling better, eating well, exercising and working, eventually getting out of debt.
He and his partner Vanessa Cazorla-Fernandez, 39, now run Epic Genetics, which creates personalised health and diet plans based on DNA.
Ms Undy said: “One issue which we know is compounding distress at the moment is the barrage of debt letters, texts and calls that people receive from creditors when they’re behind on bills.”
If you are struggling, charities such as StepChange (stepchange.org.uk, 0800 138 1111) and National Debtline (nationaldebtline.org, 0808 808 4000) can register you for a government scheme known as Breathing Space.
It stops creditors from contacting you or taking action against you for 60 days and interest is paused (this is in England and Wales only).
If you’re receiving mental health care, you can ask your treatment team to refer you for Mental Health Crisis Breathing Space, which lasts as long as your treatment plus 30 days.
Finance worries trigger anxiety
MONEY problems can be a trigger for anxiety or depression and vice versa.
These mental conditions can make it harder to hold down jobs, deal with bills and claim benefits.
They are the most common health causes for people being out of work, says the Institute For Public Policy Research.
When such people are employed, they are more likely to be in lower-paid roles, according to the MMHPI.
It found that the average income for someone with anxiety or depression is £8,400 lower than for someone without.
The charity Mind found this month that navigating the benefits system is making mental health problems worse for many.
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Money worries pushed author Dave Gregson deeper into depression in 2020 after losing his job.
The 49-year-old, of Wetherby, West Yorks, was unfairly dismissed from his role as a carer following a diagnosis of autism.
Lockdown restrictions and a lack of income left him isolated and unable to do any of the things that would normally make him feel better.
He said: “I wasn’t eating regularly and I had no motivation to do things for myself.
“I didn’t speak to people about the money worries and tried to hide them away.”
Eventually, Dave did speak to a free local money advice service and his council which helped with budgeting and applying for benefits.
The support helped him get back on track.
Dave said his finances and mental health are in a better place since finding success as a children’s and adult fiction writer.
The Department for Work and Pensions said its proposals to scrap the Work Capability Assessment would make it easier for claimants to access means-tested support.
It said investment in mental health services in England is increasing by at least £2.3billion a year by 2024.
Worrying numbers
- 1 in 6 have had suicidal thoughts in the past year due to the soaring costs of living.
- People with anxiety or depression earn on average £8,400 less than those without.
Bipolar link to overspending
OVERSPENDING can be an issue for those with depression.
They might shop to lift their mood or spend more to make life easier, for example, on takeaways.
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It’s a key symptom for people with bipolar disorder, which is characterised by episodes of extreme high and low moods.
During a hypomanic or manic phase, which can last for weeks or months, they have a tendency to be energetic, sometimes euphoric and prone to taking risks.
That could mean shopping compulsively, throwing money into new projects or even gambling.
“The impulse to spend is uncontrollable, unless someone takes your credit cards away,” explains Nicky Chinn, 77, from Chelsea in West London, who has the condition.
The pop songwriter, who created hits for artists including the Sweet and Suzi Quattro, said: “I’d see a shirt in 27 colours and buy them all.
“Once I went out and bought two Rolls-Royces. Luckily, the dealer agreed to cancel the order.”
The consequences can be catastrophic for those in a worse financial position.
He adds: “This has ruined people and caused them to take their own lives.”
Nicky is now well and says medication and therapy have really helped him and his condition. He is an ambassador for Bipolar UK.
Where to find help
HERE are some tips for coping with money and mental health issues.
- Check if you’re entitled to any benefits at mind.org.uk and turn2us.org.uk.
- Log your spending and mood patterns in a diary to better understand your triggers. Free apps like eMoods can help.
- Delete shopping and gambling apps. Don’t save card details on websites.
- Set a regular time to tackle bills and plan a relaxing activity for afterwards. Keep documents organised in one safe place.
- Moneysavingexpert.com has a free mental health and debt guide and mentalhealthandmoneyadvice.org has tools and advice.
- Call the Samaritans day or night for free on 116 123 or visit samaritans.org.
- Contact for help: Mentalhealthandmoneyadvice.org
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