Money and mental health
We’re slap bang in the middle of Mental Health Awareness Week and, well, money and mental health connect. How could they not?
The Money and Mental Health Policy Institute reckons that nearly half of Britons in problem levels of debt also have a mental health problem. Relatedly, we’re much more likely to suffer mental health problems during periods of financial struggle.
There’s loads more data (find it here) but it’s also interesting that there’s a mental health earning gap in the UK too. People who suffer anxiety and depression, which in England is about one in six, earn an average of £8,400 less per year than those who don’t.
So what can we do?
Financial wellbeing
We’ve previously mentioned Gartner’s deep research into wellbeing and their Five Pillars of Wellbeing. While financial wellbeing is not the most important single pillar, a lack of it causes the most harm to all other pillars of our wellbeing.
And that’s unfortunate because financial wellbeing can feel like a fragile thing; easily knocked by unexpected bills, or life curveballs, or fear of the future …
When financial stress exacerbates mental health issues we risk a vicious circle:
If mental health takes a turn it can be doubly hard to find motivation to stick to a budget. Or energy to engage with your bills. Or discipline to save. Or confidence to make a decision. Or resilience to resist splurging on things that might boost our mood …
Tips? Talk …
We’re not experts in mental health but we’re pretty good in financial wellbeing. Here are some practical tips you can put in play today for a better chance at feeling better, or at least not worse, in matters money.
Talk about it. For various reasons, talking money can be challenging. It feels taboo. We fear judgement. We think it’s weak but it’s the opposite: there’s strength in sharing.
Block yourself from yourself. It may help to put up blockers. Consider getting rid of credit cards, shopping apps and even your wallet to help you resist any impulse buys.
Confront it (don’t ignore it). Debt follows us and, even worse, companies we owe may slap on interest, late payment and collection fees. It’s always better to engage with debtors and ask questions: can they extend payment terms? Can you pay in instalments, or restructure? They may be more reasonable than you think.
A last tip is to contact Step Change — the UK’s largest debt charity — for help and support. Don’t suffer in silence. Don’t bury your troubles.