Today, almost one in five people with mental health problems also struggle with debt. It’s often a vicious cycle in that the more someone goes into debt, the more their mental health struggles, and on the other hand, the more someone’s mental health struggles, the more likely they are to get into debt. It’s clear to see that there is a big link between debt and mental health and yet the link between these two things is rarely discussed.
It seems more pertinent now than ever, to have an open and honest conversation about both mental health and debt. With the offset of the Coronavirus outbreak, it’s estimated that there have already been almost 500,000 redundancies within the UK. Even if we haven’t been made redundant, each of us are all having to try and adapt to the challenges of lockdown and restrictions, potential financial uncertainty, and social distancing measures. It’s fair to assume that all of these things will have a toll on our mental health and wellbeing.
A survey published by the Money and Mental Health Policy Institute outlined that 65% of people with mental health problems rely on face to face support and 86% of people surveyed were concerned about being able to access mental health services during the outbreak. The survey also highlighted that many of those surveyed, relied on both family and friends to help them access their benefits or manage their money and if they were to be without this support, they would be at risk of falling into serious financial difficulty.
If you’re struggling with your mental health and debt, don’t panic. The best thing to do is to get in touch with a free debt advisor. Money Support Group is here to help, listen, and not judge. We provide free, confidential, and impartial debt advice from our expert financial advisors. Since we don’t currently offer face-to-face support (cheers 2020), we have decided to extend our helpline hours. Here are our current helpline support hours:
- Monday – Friday: 8:30 am until 9 pm
- Saturday & Sunday: 10 am until 2 pm
If you are unable to speak during these times, don’t hesitate to get in touch with us and we can try our best to book a time slot in at a time that’s suitable for you. Because, at the end of the day, we’re here because we’re dedicated to helping YOU.
If you find that talking over the phone seems a bit scary, we also offer a free online chat service over at www.moneysupportgroup.com and a WhatsApp Chat Service at 07746209119
If you are having serious struggles and problems with your mental health, please contact your GP or talk to the Samaritans on their 24/7 available helpline at 116 123.