According to Martin Lewis' Money and Mental Health Policy Institute, the cost of living crisis has had a negative impact on the mental health of 59% of UK adults, leaving them feeling stressed, anxious, or hopeless.
With utility bills and the price of every essentials continuing to rise, you may also find that your income isn't stretching as far as it used to, and this can be a huge source of worry. If you're already dealing with stress, a specific mental health concern such as anxiety or depression, or if you're simply not feeling your best, you're more likely to lack motivation to look after your finances.
Sadly, a lack of awareness of your money situation can mean problems like debt or missed payments can get worse. This, in turn, can impact your mental health further and leave you feeling like you're stuck in a loop.
Talking about your mental health (or your personal finances!) can feel scary, but there are lots of people and organisations out there waiting to help you if you need it. Here are some websites and online resources covering financial wellbeing and mental health that you might find useful:
- Organising your finances - Mind
- Understanding the links between money and mental health - Mind
- Accessing support - Mind
- Claiming benefits if you have a mental health problem - Mental Health and Money Advice
- Support with a gambling addiction - GamCare
- Dealing with creditors when you have a mental health problem - MoneyHelper
- Mental health breathing space (debt respite scheme for people receiving mental health crisis treatment) - Mental Health and Money Advice
We know that things are tough for lots of people at the moment, so we've also put together some guidance to help ease the squeeze. Check out our Cost of Living Support hub for tips on energy bills, food shopping, transport costs and more.
Worried about your mortgage payments?
If you are worried about your mortgage payments due to a mental health problem, you can talk to us - the most important thing is not to ignore the problem. Please contact our Mortgage Payment Support team in the first instance - our helpful team will be able to talk you through the options available to you.