02 February 2023
Time to Talk: Money and Mental Health
Today is Time to Talk Day, a national campaign that encourages everyone to have a conversation surrounding mental health. Breaking down the stigma surrounding mental health is a core part of dealing with it. According to the mental health charity Mind, one in four of us will experience a mental health illness in any given year – that’s 25% of the population dealing with mental health challenges, and often alone.
Over recent years, Smart Money Cymru Community Bank has observed a link between mental health and money, with half (46%) of people in problem debt also having a mental health problem. Many people today often find themselves trapped within a vicious cycle of money worries and mental health concerns, one often fuelling the other as a result. This can make already heavy financial troubles seem even heavier.
Much like mental health, talking about money has been long seen as a taboo, which is why people dealing with money problems very often keep it to themselves, failing to reach out to those who could help them get out of debt. Consequentially, it means that these people deal with these issues alone and therefore, it’s no wonder that financial troubles are a common catalyst for anxiety, stress and depression. Alarmingly in fact, people in bad debt were three times as likely to have thought about suicide in 2022 (Money and Mental Health Policy Institute.) This needs to change.
By being open about money and mental health we can be better equipped and better supported to deal with debt and in turn improve our mental health. The stats above prove that this is more important now than ever, with the cost-of-living crisis raging on and many who may have not been struggling before, now having to choose between heating and eating.
But how do we talk about debt and mental health?
Beginning conversations and admitting we’re struggling with either money or our mental health is difficult. However, Time to Talk Day is a fantastic opportunity to kickstart those conversations. You may find you’re not as alone in your feelings as you first thought.
Whether you start a conversation in your workplace, with your family, friends or even local community Time To Talk have great tips and resources to help you get talking.
Smart Money Cymru is also here for you too. We are more than happy to discuss debt with you, whether you’re struggling to pay back a loan, credit card or simply want help with how to become more financially empowered for the future – our customer service advisors are here to help and discuss ways to help you out of debt.
There are also an array of other resources to seek out if you need further help tackling problem debt such as ourselves here at Smart Money Cymru, The Citizens’ Advice Bureau, Christians Against Poverty, Money Saviour, Angel Advance and many more – it’s incredibly important that you seek these out over extortionate payday loans or loan sharks to get you out of your financial situation!
Debt is not a finality, and there are resources that can help you if you, or someone you know, Is struggling with debt.