Money Worries & Mental Wellbeing

Worrying about money or debt can impact mental wellbeing, causing uncertainty, anxiety, and stress making dealing with the situation more difficult. This can in turn make the money worries and debt worse leading to a vicious cycle.

Money worries can impact mental health by affecting thoughts, feelings and behaviours. Negative thoughts and feelings experienced can include worry, fear, guilt, frustration, upset, anger and powerlessness. These feelings are common when in debt and support is available to help you through.

Avoidance is a common behavioural approach when stressed. In regards to financial difficulty it can display as not opening post, hiding a bill in the drawer, not contacting creditors and so on. While avoidance can bring short-term relief, it is only a temporary fix and can cause more stress, anxiety and difficulties in the long run. Avoidance of repayments and creditors, especially for priority debts, can lead to increased financial difficulties (e.g. through missed bills, late fees, charges, fines and legal action), further impacting mental wellbeing.

If you are struggling with finances or debt, or you find it difficult to set money aside for emergencies there is help available to support you in managing your debts. For help with managing money and debt see our Getting Advice guide. A Debt Adviser can help you to identify priority debts, liability (or responsibility) for debt, and debt solutions such as write-offs.

The sooner you tackle the financial problem, the sooner you regain control. If your financial difficulties or debts are impacting your mental health, tackling the problem can help reduce stress, as can seeking support for your mental wellbeing.

There are a range of self-help supports and toolkits available to help you to manage your mental health and money. These include:

• Mental Health & Money Toolkit
• Mental Health & Money Advice
• Managing Debt for Mental Health Guide
• Money & Mental Health
• Mental Health & Debt Guide
• Mental Wellbeing
• 5 Steps to Mental Wellbeing

Please note: while much of the content of these guides is extremely useful, these do relate in the main to England & Wales. For Northern Ireland information and guidance please speak to a local debt adviser.

If your financial situation is impacting your wellbeing, there are FREE help and support services available. These include crisis lines (immediate support if you are in distress or despair and struggling to cope), counselling, advocacy, information, therapeutic services and so on. If you need support make contact with a service. 

To search for Mental Health Services in your area visit: Mindingyourhead.info

To download a directory of mental health and wellbeing services in your local Trust area visit the Public Health Agency.