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Money worries and mental health

Money worries can take a serious toll on our mental health, especially when finances are tight. Whether you're dealing with debt or just feeling overwhelmed, you're not alone and help is available.

Lots of us are feeling the pinch with our finances in January, and we know that when money is tight this can affect our mental health.

According to the Money and Mental Health Policy Institute, across England more than 1.5 million people are experiencing both problem debt and mental health problems.

And when our mental health isn’t great, this can have a negative impact on our ability to manage our money.

In fact, a 2016 Money and Mental Health survey of nearly 5,500 people with mental health problems found that while unwell 93% of people spent more than usual, 74% put off paying bills and 71% avoided dealing with creditors.

But whatever your situation, it’s important to know you’re not alone and you shouldn’t feel bad about it.

Talking about money

It can feel hard talking to friends or family about money, especially if you’ve had negative experiences in the past, but sometimes reaching out for help is the best thing you can do.

Sarah Brightwell, Head of Insight at Solent Mind, said:

"As a former money and debt adviser, I know that people often feel anxious or ashamed about seeking help with money worries. But you don’t need to be: your concerns will be treated in strictest confidence, and your adviser won’t judge your situation – they are simply there to help you find a way forward.
"Taking the first step is often the hardest, but most people say they feel much better after speaking to someone about their concerns. If you’re struggling with money, and especially if it’s impacting your mental health, I recommend getting help as soon as possible. You’ll be surprised how much better you feel knowing that help is at hand and there are ways to get your finances back under control."

Asking for help and support

Avoiding financial difficulties won’t make them go away and there are lots of organisations that can help with your finances, whether you’re looking for debt advice or support with your welfare benefits.

For support at a local level, you can check with your local council at gov.uk/find-local-council or use this tool from the Independent Food Aid Network (IFAN) to find out what’s available in your area: foodaidnetwork.org.uk/cash-first-leaflets

Nationally, you can reach out to StepChange Debt Charity, National DebtLine or use the government’s MoneyHelper website

Taking back control

Kim Christopher, Corporate Bank Manager at our corporate partner Handelsbanken, shared four top tips for anyone looking to manage their money better in 2025:

If you’re looking to take control of your finances and want more practical tools, you might find our Money and Mental Health Toolkit helpful: solentmind.org.uk/money_and_mental_health 

Martin Lewis' Money Saving Expert website also has lots of helpful information, advice and tools to help with budgeting and managing your money.

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