Tackling the link between Mental illness and Money Problems
Mental Illness and money problems can go hand in hand. That’s why we set up the Mental Health and Money Advice service. Thanks to our new website and telephone hotline we are able to offer confidential support before debt becomes a problem. In this blog Sarah Murphy from our Advice and Information Service (pictured) looks at the link between debt and mental illness and how you can take control of this.
Research highlights that one in four people are affected by poor mental health, and, of these around four million will struggle with their finances. A further four million are at risk of developing a mental illness because of their financial situation.
At the Mental Health and Money Advice service, we acknowledge this is wrong, and we’re dedicated to supporting people affected by mental health and money issues.
With a lack of support, money issues and mental illness such as anxiety, depression and bipolar can create a vicious cycle, where problems can escalate out of control. At its worst, this can lead to mounting debt, family breakdown and homelessness.
A contributing factor and major point of concern for a lot of people living with mental health conditions and money issues is, unfortunately, the UK benefits system.
Many people find the benefits system confusing and overwhelming. When talking to people with a mental health condition, it’s clear the benefits process is simply not set up to cope with the complexities of what living with a mental health condition means.
With a lack of support and the unique nature of each mental illness, people can find themselves with nowhere to turn to for help.
The service offers detailed advice across a range of topics including:
- Expert advice on the most common mental health and money related issues such as welfare benefits, managing money and debt and mental health care and treatment
- Free tools and calculators to help you manage your money.
- A range of sample letters and templates that can be used to contact healthcare professionals, organisations and, creditors.
We also have a small team of dedicated mental health and money advice specialists who offer one-to-one advice and casework over the telephone.
Access is only currently available by referral from several partners. If you’re receiving support from Rethink Mental Illness, Hafal, Mindwise or Support in Mind and are experiencing mental health and money issues, please contact your support worker to be referred to the Mental Health and Money Advice.
Take charge of your mental health and money problems now by visiting the Mental Health and Money Advice website.