The links between money and mental health

If you've ever spent time worrying about your personal finances, you might not be surprised to hear that worries about money can have an impact on your mental health.

In fact, a report by the Money and Mental Health Institute has found that 'mental health and money problems are often intricately linked'.

So what is the link and what can you do if you feel your finances are starting to affect your mental health?

What's the problem?

The report from the Money and Mental Health Institute found that a key link is that those in problem debt are significantly more likely to experience poor mental health and vice versa - those with mental health problems are more likely to be in problem debt.

The cycle

Money and poor mental health are each problems that can make the other one worse - resulting in a spiral that's hard to stop.

• Mental health problems make it harder to earn and manage money, and they can also make it harder to ask for help when you're struggling. This can lead to..

• Financial difficulty, which can cause stress and anxiety. Stress and anxiety can be worsened by...

• Going without essentials to get by, or even collections activity.

• As stress and anxiety worsen, they can lead to severe mental health problems, which make it harder to earn and manage money - and so the cycle continues.

  
  

Getting support

If your finances are negatively affecting your mental health, Mind has some helpful tips for how to tell services you're dealing with that you have a mental health problem.

Tips from Mind

You can also contact the following for further help and advice:

Family Action can provide support for any aspect of family life, including financial worries, parenting, relationships. or National Debtline for free, impartial debt advice and support.

Turn2us for a range of practical information and support if you're struggling with money.