With Mental Health Awareness Week taking place from 13th – 19th May, learn how debt can impact your mental health and what you can do to support your mind and your money
What is Mental Health Awareness Week?
An annual event in the UK, Mental Health Awareness Week is designed to encourage businesses, organisations, and individuals to focus on mental health. It aims to tackle the stigma that persists around mental health concerns and help people to understand and prioritise their minds and the minds of others.
Each year, Mental Health Awareness Week picks a theme and for 2024, it’s “Moving More for Mental Health”, reminding us of the importance of moving our bodies to combat low mood, stress, and anxiety, and boost self-esteem.
How does debt impact mental health?
Debt and mental health are closely linked. In fact, studies show that 1.5 million people in the UK are currently experiencing both problem debt and mental health problems.
46% of people in problem debt report that they are struggling with their mental health and 86% of people who already had mental health concerns before getting into debt say that their conditions have been exacerbated by their financial situation.
These figures are alarming but not surprising. If you’re falling behind with debt payments or struggling to make ends meet, you’ll likely start to experience stress and anxiety. The stigma around debt – and the mistaken belief that problem debt is caused by reckless behaviour – can also lead people to isolate and conceal the reality of their situation.
Debt is also linked to depression, low mood, and insomnia. If you’re experiencing problem debt due to being unemployed or having to take a lower paying job, you may also be suffering with low self-esteem as well as feelings of guilt or shame.
The good news is that there is light at the end of the tunnel. No matter how bad your situation seems, you can take proactive steps to improve both your mental health and your financial circumstances.
Mind Over Money: 6 tips to try
1. Practice self-compassion
While it can be tempting to blame yourself for your financial situation and feel that you deserve to be punished for not being able to successfully manage your money, being your own biggest critic will only make your mental health worse. The worse your mental health, the less likely it is that you’ll be able to make positive financial changes. Instead, try to be kind to yourself. Focus on speaking gently to yourself and focusing on the things you can do now and in the future, rather than constantly fixating on past mistakes.
2. Find ways to switch off
Thinking about money all the time can feel like being locked in a mental prison. While it’s important not to bury your head in the sand and pretend nothing is wrong, focusing on your debt every day and night is a recipe for disaster. Look for ways to switch off, even if it’s just for a few minutes each day. You might want to add a 10-minute meditation to your morning routine, immerse yourself in a book or film, take the dog for a walk, or get your body moving by taking an exercise class, going for a jog, or even just dancing around your kitchen!
3. Speak to someone
Isolating yourself will likely amplify your mental health concerns. If you don’t feel comfortable opening up to a friend or family member, look for an impartial third party. Calling a service like the Samaritans or contacting an expert debt adviser can give you the safe space you need to be honest about your situation, explain exactly where you stand, and potentially start to identify the things you can do to start solving the problem.
4. Break down tasks
Whether you’re ready to tackle your debt or looking to improve your finances by getting back into work if you’re unemployed, making a start isn’t always easy. If the task on your to-do list is ‘sort out debt’ or ‘get a job’, these are simply too big to take on, especially when your mental health is struggling. Instead, break down these big tasks into smaller steps. For example, step one in sorting out your debt might be making a phone call to a debt advice service while the first step in finding a new job might be updating your CV. Break down tasks in this way and, over time, you can quickly find you’ve accomplished more than you thought.
5. Create a budget
Making a budget is a great way to start looking at the bigger picture of your finances and start easing some of the pressure on your mental health. Start with your income, whether that’s your salary or benefit payments, and then make a list of all your essential outgoings. This should include everything from your rent or mortgage payment and utility bills to your monthly food shop and petrol costs. Once you have this written down, you’ll be able to see whether you have any spare income available that you could put towards paying down your debts or if you need to make cuts or find ways to increase your income.
6. Seek debt advice
There’s no shame in seeking debt advice. In fact, professional debt support can be an essential lifeline when you’re struggling with your finances and your mental health. Connecting with an expert can allow you to explain your situation, learn more about the different debt management solutions available, and find the right one for you. It could also help you take advantage of schemes like Breathing Space or Mental Health Breathing Space. That phone call could be the first step in easing the pressure, improving your mental health, and starting to feel more in control of your finances again.
Navigating debt and mental health? Our team of experts is here to help. Give us a call on 0161 660 0411 or send a message here
