Money Wellness
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category icondebts
calendar icon03 May 2023

One in five people with a mental health problem are struggling with debt

Nearly one in five (18%) people with a mental health problem are also struggling with paying back debt, according to a new guide.

The Money and Pensions Service has put together the guide to advise lenders on how they can support customers better.

It calls on lenders to take various steps to help those struggling, including more mental-health-awareness training for staff, being mindful of how they chase vulnerable people for payment and making it easier for people to ask them for help.

The extra support can’t come soon enough as research shows people with a metal health problem are 1.5 times as likely to struggle with paying bills and sticking to payment plans.

And half of all people who have a mental health problem and are also struggling with debt have less than £100 in savings and a third have no money put aside at all.

If you’ve got a mental health problem and you need help with debt worries, we’ve partnered up with the charity Rethink Mental Illness to offer specialist support. We also have our own dedicated team of advisers who are there to help anyone in a vulnerable situation.

There are lots of ways for you to get in touch and our advice is completely free. And - although taking that first step and reaching out can be nerve-racking - the sooner you get help, the better.


Avatar of Rebecca Routledge

Rebecca Routledge

A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.

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