As the National Debt increases by 37% mental health workers say they’re increasingly worried over the number of people who find it difficult talking about their personal financial problems.

The Money Charity says lending by UK banks and building societies to individuals has increased by £4.65 billion.

And the Royal College of Psychiatrists says people need more support for debt related anxiety.

£58, 948 is the average total debt per UK household as declared by The Money Charity

“There will always be a need for support”

Georgia Speechley, mental health support worker

Georgia Speechley, a mental health support worker, says “There will always be a need for support” with debt becoming an increasing contributor to mental health issues.

That seems to be backed up by a study by MIND that shows 63% of people in debt feel uncomfortable talking to their creditors about their mental health problems because of worries that “they wouldn’t understand”.

Improving Lives Nottingham, a charity based in Nottingham city centre, provides support for the most vulnerable people.

 

“it’s too awful for them to deal with”

Victoria burrows, Improving lives, CHIEF executive officer

Improving Lives chief executive officer, Victoria Burrows, says many people come to her with debt worries because “it’s too awful for them to deal with” and believes not enough information is available for those concerned over their finances.

 

DEBT AND MENTAL HEALTH:

  • 50% of the population who struggle with finances, also have mental health related issues.
  • Employment rates are 67% lower than overall rates for those using secondary mental health services
  • By June 2018, £1.6 trillion was owed by people in the UK
  • 70% of the population are declared as “chronically broke”

For help, advice or support with mental health, please contact Improving Lives Nottingham