Talking Money Matters on World Mental Health Day
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World Mental Health Day takes place on 10th October 2019. Results from a recent PayPlan survey, along with advice from the Samaritans, highlight the importance of seeking money advice sooner to try and support mental health problems.
What is World Mental Health Day?
Campaigned for by the Mental Health Foundation and recognised by the World Health Organisation, World Mental Health Day sets out to help people with their mental health by explaining how it is defined and highlight the everyday problems people are facing.
Coping with money worries
Feeling low or anxious is a normal response for somebody struggling with debt. It can all too often be the case that those who are struggling financially see no end in sight to their debts and bills.
A recent PayPlan[i] survey on the link between mental health and debt found that prior to seeking debt help:
- 85% said that being in debt impacted their mental health
- 91% reported feelings of stress
- 84% reported feeling of anxiety
- 68% reported feelings of depression
- 88% had concerns about how they were going to pay their bills
How talking can help
39% of people surveyed felt they had nobody to talk to about their problems before seeking advice. However, there was a vast improvement in well-being after getting help.
93% of people said that after seeking advice, their mental well-being improved and stress levels reduced. In addition to this, 95% of people said they felt confident in managing their money. 69% said they felt like they could open up to friends and family about their situation.
How to spot the warning signs
More often than not, it can be difficult to spot the signs of mental health and money worries. People may seem fine on the outside but if their life has been affected by a big change, it may be worth checking in to make sure they are:
- Borrowing money to make repayments
- Paying for essentials on credit cards
- Receiving letters from creditors
- Experiencing mood swings – becoming erratic or more reserved
- Increasing their alcohol consumption
Where can you seek help?
No matter what is going on in your life, there are always people out there to listen and support you. If you feel like you need to talk to someone independent then you could call the Samaritans helpline on 116 123.
Fiona Bonser, Listening Volunteer at Samaritans, commented:
“Here at Samaritans, we recognise the importance of taking some time to look after yourself and to reach out for support, whether you’re struggling yourself or supporting someone who is. Samaritans are here round the clock, whatever you’re facing, and will give you a calm space to talk things through in your own time.
“Many callers I speak to don’t know where to start, particularly about problem debt, but that’s absolutely fine. Picking up the phone is a start and the trained Samaritans volunteer will hear your thoughts and may ask questions to help explore how you’re feeling. We won’t judge or tell you what to do – we’ll listen.”
Get debt advice
If you would like to start a confidential conversation about financial worries or problem debt, speak to one of our trained advisers today.
Over two thirds of those surveyed found PayPlan’s online journey to be beneficial for their mental health, as they were able to complete and digest important financial information in their own time.
Call PayPlan today on 0800 280 2816