Money Wellness
Image of the suicide prevention day yellow ribbon logo
category iconcost of living
calendar icon10 Sep 2023

Suicide Prevention Day – 10th September

There’s a wide range of factors that lead to someone taking their own life. However, debt can make a person up to 20 times more likely to consider and attempt suicide than someone who is financially secure.

The rising cost of living has led to levels of those becoming financially stressed not seen since the recession of 2008.  

Worrying about how to pay bills, feed your family, keep a roof over your head or the pressure of having debt collectors constantly knocking at the door, can lead some to a place that that they don’t feel they can escape.

Everyday, we’re hearing from more and more people pushed to the brink because their debts have spiralled, and they don’t see a way out.

Why does debt feel like a life sentence for some?

Debt can make you feel trapped. And anything that makes us feel trapped can trigger our fight, flight, or freeze response, according to a leading psychologist.

Debt acts as a chronic stressor in a person’s life. It’s normal to have stressful things happen in life, as is it normal to have debts, such as mortgages and loans. However, it becomes a problem when the stressor is chronic, feels inescapable and is so constant that are minds start to become overwhelmed.

Men, debt, and mental health

Men are more likely to take their own life than women, with men in their 50’s most at risk. This has been put down to men being less likely to talk about their problems and, while they assume the role of provider, are more likely to feel personally responsible for the financial fortunes of their family.

Feeling as though they have got their family into debt can be a huge burden and make them feel like a failure.

Starting the conversation

Openly talking about feelings and also problem debt shouldn’t be something to be ashamed of or embarrassed by. There’s always someone who will listen and there’s always a debt solution available.

Starting a conversation is usually the first step. If you or someone you’re close to seems to be withdrawn, not themselves or suffering, start a conversation. Ask them how they’re feeling, ask them if they need support and listen to what they have to say.

Get professional help

There are a number of charities and organisations that offer professional help to someone feeling suicidal, including:

You can also contact your local NHS urgent mental health helpline to get support or speak to your GP.

If you feel you might harm yourself, you should call 999 or go to the accident and emergency (A&E) department at your local hospital.

Get professional debt help

Research shows a person’s overall health and well-being can improve if their debt is cancelled or reduced.

If you’re struggling with debt and have feelings of hopelessness, know that you’re not alone.

We have experienced specialists who can help you start the conversation about your financial worries and problem debt. They’ve found solutions for lots of other people who couldn’t see a way out, who are now living debt free.

We also work in partnership with organisations, such as ReThink who can offer you additional support if you’re feeling suicidal.

Get in touch if you would like to know how we can help either on the phone – 0161 518 8285 – or if you don’t feel able to talk, get online advice by visiting our website - www.moneywellness.co.uk

 And most importantly remember, there’s always a way forward.

Avatar of Caroline Chell

Caroline Chell

Caroline has worked in financial communications for more than 10 years, writing content on subjects such as pensions, mortgages, loans and credit cards, as well as stockbroking and investment advice.

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