Taking place on 3rd February 2022, Time to Talk Day is the nation’s biggest mental health conversation. This year, we want to stress the importance of talking about money and mental health given that money is one of the top issues that affects our day to day mental health. So, with that in mind, we’re here to start the conversation this Time To Talk day about money and mental health.
How are money and mental health linked?
1 in 4 of us will experience a mental health problem in our lifetime. Meanwhile, four in ten people with a mental health problem said their financial situation had worsened their mental health. And we can understand why.
Think about it for a second.
When was the last time you thought about money or debts? How did it make you feel?
Whether it was while reading this blog, yesterday or on payday and no matter how it made you feel, there’s no denying that we think about money a lot and that it has a significant effect on your everyday mental health. Likewise, your mental health can have a significant impact on your ability to save, work in paying employment, make responsible financial decisions and therefore can impact your overall financial situation. In fact, over 16% of people who applied for a debt solution with us stated that their mental health was the root cause of their debt problems.
Why do we need to talk about money and mental health?
Talking about money has long since been a taboo in our society. Hence why people in debt or with money worries are less likely to reach out and share their problems. As such, people take on the burden of debt alone further exasperating the despair that financial worries can bring. It’s therefore no wonder that financial difficulties are a common cause of anxiety and stress and that, alarmingly, people in problem debt are three times as likely to have thought about suicide in the past year.
It is stats like the above that prove the need to talk about money and mental health. 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.
How do we talk about debt and mental health?
Starting up conversations and admitting we’re struggling with either money or our mental health is a challenge. However, Time to Talk Day is a fantastic opportunity to kickstart those conversations.
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.
You can also turn to our previous article on who to talk to about debt.
Time to Talk about problem debt
If you find you are still concerned about your financial situation, or need to seek professional debt advice we are here to help. Whether you want to talk on the phone, via live chat or simply fill in our online tool we are here to get you back on track financially.
There will always be a link between money and our mental health. But, by having open and honest conversations about the two we can make the relationship a more positive one that produces a happier and healthier future both financially and mentally.