As we continue to deal with the cost of living crisis, we have created a series of articles exploring the link between our money and mental health.

We will all have experience of attitudes around money, how it makes us behave, our feelings around saving or spending it.

But what happens does this mean for our mental health?

According to the ‘Money and Mental Health Policy Institute’
86% of respondents to a Money and Mental Health survey of nearly 5,500 people with experience of mental health problems said that their financial situation had made their mental health problems worse.

But money worries are not solely linked to debt.  You may not have debts or could have debts that you are currently managing, but the uncertainty of the current situation, fear of losing your job etc may also be affecting your wellbeing.

Some people handle their debts well but are concerned about the impact of the current financial climate on juggling their money.

The cycle

Money problems can affect your social life and relationships or sleep and on the other side, your mental health can affect the way you deal with money. 

Worrying about money and mental health is a vicious cycle.

You may feel like it is the only thing that you can think about and that your mind is not able to focus on anything else, making managing your money more challenging.  It can start to impact on your mental health by affecting your thoughts, feelings and behaviours.

You may notice yourself starting to feel very low, and experience feelings such as embarrassment, or guilt. You could find yourself beginning to withdraw from your usual activities and not wanting to spend time with people as much as you usually would.

Avoidance

If you are experiencing money worries, and your mental health is being impacted, you may find yourself avoiding certain places, bills, letters, people, or activities.

If you are feeling down or stressed you may favour avoidance, it will often make you feel relieved in the short-term.

The problem is, when the thing that you are avoiding doesn’t go away, the more worry it can cause. In terms of money…this is when debt is likely to build up, and your mental health worsens.

Tackling your finances head-on is the only way to deal with it.

Speak to a professional if you need help.

There are things that an Independent Financial Adviser may be able to help you with.
Is your mortgage is up for renewal and you are concerned that your new deal may be unaffordable? 

Or you were planning to retire but the cost of living is making that seem impossible.

We may be able to help and advise you on the best services to help you manage your money and your investments so that you can still achieve what you had planned this year.

Call us on 01752 837950 or email enquiries@manningandco.co.uk to make an appointment to see an adviser. Your first consultation is free.

Other organisations that can help;

Step Change
This charity offers a free advice service to help you deal with your debts and get the support you need. You can get advice online or over the phone at a time that suits you.

Visit their website.

Citizens Advice Bureau
There are various options that exist to help you deal with your debt problems. These include bankruptcy, debt relief orders, debt management plans, administration orders, debt consolidation and Individual Voluntary Arrangements (IVAs).

Visit their website.

National Debtline

All our advisers are experts in debt advice and our service is always free. We’ll give you all the help and support you need to deal with your debts yourself.

Visit their website.

Money Saving Expert
Another source of great information with lots of helpful tips is Martin Lewis’s website. 

Visit their website.