1 in 4 people experience mental health problems however many people go without any support or reaching out for help. The stigma around mental health is still an issue and prevents many from taking action.

Personal finances can often be a cause or an outcome of mental health problems.

1.5M people in England experience problem debt and suffer with mental health problems.

A study from Money and Mental Health Policy institute found that 46% of people with problem debt also have a mental health problem. Of this, 86% of people said that finances made their mental health worse.


Mental health makes your finances a challenge

People with mental health problems are three and a half times more likely to be in debt and struggling with their finances. This could be due to their mental health preventing them to cope with the burden or as those with mental health problems are typically in lower paying jobs or to be unemployed. They could struggle to maintain a job or struggle with making their payments.

The stigma around both mental health and finances makes this a difficult topic for people to approach.

With more support at work and at home more people could stay on top of their finances and in turn reduce money stress.

Only 1 in 5 people with mental health issues had spoken to a GP, Social Worker or a mental health nurse about how their finances are impacted. Only 3 in 10 people suffering are asked about their finances showing those in positions of support also avoid the topic of finances.


Is one group affected the most?

It was shown that younger people are more likely to approach the topic of mental health and finances and express their anxieties around the topic. This could mean older generations are more reluctant to share and therefore could be missing out of resources and support they need.

Among those with mental health problems, people from minoritised ethnic groups are significantly more likely to live in a household that is behind on bills.

They found that this ranges from 9% of White people to 33% of Black, Black British, Caribbean or African people. Those is minority groups lack access to the support they need and often have worse outcomes.