The Importance of Financial Wellbeing

Financial Wellbeing and You

Research shows that there is a clear link between mental health and financial difficulties. Experiencing poor mental health can make earning and managing money harder and struggling with money can be extremely stressful and can leave people feeling isolated, depressed, panicked, worried, and mentally and physically fatigued. You may be experiencing some financial difficulty or some worries around your finances, these experiences and feelings are normal and are much more common than you may think. There is always support available and things can get so much better

Did you know

• Over 40% of people have financial worries.
• UK adults are hiding £96 billion worth of debt.
• The average adult in the UK is more than £600 in debt.
• Research found that over half of adults regularly worry about their finances.
• 65% of 18-34-year-olds feel constantly worried about their finances.
• Only 20% of people struggling with debt talk out and get support meaning a staggering 80% of people are suffering in silence.

So why aren’t we talking about financial wellbeing?

We know there can be embarrassment and shame around talking about financial struggles, meaning people often feel they can’t reach out to ask for support. It is a common misconception that people in debt can’t manage their money properly or that they are living beyond their means. However, the majority of people who are in debt find themselves in this position through circumstances that are beyond their control, for example, relationship breakdown, ill health, job loss, or unexpected bills

Supporting our mental health when facing financial difficulty

Talking out – there is always support available. When feeling stressed about finances it will always help to talk to someone about how we are feeling. Talking out is the most powerful tool that we have, whether this is to a partner, family member, friend, colleague, GP or finance support/debt helpline. Know that you are not burdening the person you talk to, they will want to help and support you through this.
Make a plan – planning our finances makes us feel more in control of our circumstances. By looking at our income, we can create a realistic budget and plan outgoings and disposable income. You can receive support with this plan through the helpline numbers below where an advisor will support you to find ways to manage your finances and suggest ways to make things better that you might not be aware of.
Self-Care – during times of insecurity and stress it is more important than ever to look after yourself. Self-care often looks different for everyone, but we can find what works best for us whether this is reading, meditating, exercising, gaming, talking with a friend, watching our favourite TV program or cooking.

Need some advice?

Citizens Advice
Citizens Advice offer confidential advice on all problems that seem complicated or intimidating including debt and finance.
Website – https://www.citizensadvice.org.uk/debt-and-money/help-with-debt/
Money Advice Service
Money Advice Service offer free and impartial money advice, set up by the government.
Website – https://www.moneyadviceservice.org.uk/en
National Debtline
National Debtline are a charity offering free and independent advice over the phone and online.
Website – https://www.nationaldebtline.org/
Mind
Mind offer advice on how to manage debt and mental health.
Web page – https://www.mind.org.uk/information-support/tips-for-everyday-living/money-and-mental-health/money-and-mental-health/

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