5 ways your mental health could be affecting your finances
IF YOU’RE STRUGGLING TO COPE, HELP IS AT HAND
MENTAL health issues and financial problems often go hand in hand, but with our busy lives, it’s not always easy to take a step back and consider how the two could be interacting.
As it’s Mental Health Awareness Week, it’s an ideal time to discover the help and support available.
According to the Money and Mental Health Policy Institute, a charity founded by consumer champion Martin Lewis, people with debt problems are more likely to experience mental health issues.
The charity also says people struggling with their mental health are more likely to be in debt – showing how the two issues can become entwined.
To help raise awareness, here are five key things to look out for:
1
Impulsive spending
Helen Undy, chief executive of Money and Mental Health, says: “When you’re struggling, it can be really difficult to stay in control of your spending.”
She adds: “Most high-street banks have tools in place to help.
“Options like setting a limit for contactless payments, or blocking payments to certain retailers and gambling websites can be really helpful.”
2
Admin anxiety
“We all know that feeling of dread when you need to pick up the phone to your bank to sort out a problem,” says Helen. “But while for most people that feels like a minor stress, when you’re struggling with your mental health it can feel totally overwhelming. People tell us how even opening a letter from their bank or speaking on the phone can send them into a spiral.”
The charity has been working with banks to help ensure a range of accessible communication channels are available. Some people may prefer to communicate via webchat, for example, rather than by phone.
3
Difficulty managing your bills
“Lots of common symptoms of mental health problems can make it difficult to manage and keep up with your bills,” explains Helen.
“Symptoms like brain fog and poor memory, for example, may make it harder to remember to pay your rent or energy bills on time, keep track of what you’ve spent, and plan ahead.
“It’s always worth exploring the tools available through your online banking app to help you keep track of your bills, setting up frequent alerts, nudges and reminders.”
For people experiencing more acute mental illness, Helen says the bank may also offer a “third-party access” option.
This could allow a trusted person access to your account and to help you with tasks for managing your day-to-day finances.
4
Problems with the small print
Reading – and understanding – terms and conditions can be crucial when making financial decisions.
But checking information can be “incredibly tough” when someone is struggling with symptoms like low motivation or poor concentration, says Helen.
She says: “There’s a responsibility on firms to make this easier for people, but asking a trusted friend or family member to read documents with you to make sure you’re clear on terms and conditions could be helpful in stopping you making a decision you might regret later.”
5
Concerns about reaching out for help
“Struggling with your mental health and your finances is a double stigma,” says Helen.
“It can be so hard to talk about, even with people you really trust.”
Charities such as Citizens Advice and Mind can help, as well as a GP.
Helen says: “If you’re struggling, letting your bank, energy company or water company know can also be helpful, as there’s lots of practical measures they can take to make things easier, for example, referring you to a specialist team trained in supporting customers with mental health problems.”
She adds: “With the right help and support, there’s no debt or money problem that can’t be solved.”