Did you know that financial stress is one of the leading causes of anxiety and depression in the UK? On National Financial Awareness Day, it’s important to highlight that our mental health and financial wellbeing are closely intertwined, and it’s essential to take care of both.
How Finances Impact Mental Health in the UK:
- Stress & Anxiety: 48% of UK adults say that money worries affect their mental health, according to the Money and Mental Health Policy Institute.
- Depression: As found by the Mental Health Foundation, people in debt are more than twice as likely to experience depression compared to those without,
- Decision-Making: Research shows that financial stress can impair decision-making, leading to a vicious cycle of poor financial choices and increased anxiety.
There are things one can do to improve their financial and mental wellbeing
Create a Budget: Knowing where your money goes can help reduce anxiety. The Money Advice Service found that 63% of people who budget feel more in control of their finances.
Set Realistic Goals: Break down financial goals into manageable steps to avoid feeling overwhelmed.
Practice Self-Care: Your mental health is just as important as your financial health. Take time for yourself and reach out to friends or support groups when needed.
Seek Support: Don’t hesitate to talk to a financial advisor or a mental health professional. You can reach out to UOK partner Money Advice Plus to seek support for your financial wellbeing.
Brighton and Hove City Council provides support to people struggling with cost of living. Find more information here.
Our ‘Get Support’ page has more information about the mental health and wellbeing support services offered by UOK partners. Alternatively, please call our Central Access Point (CAP) on 0808 196 1768 or request a call back.
