Money Wellness
Two women sitting down having a chat
category icondebts
category iconMoney Wellness
calendar icon01 Feb 2023

We’re encouraging people to speak up about debt ahead of Time to Talk Day on 2 February

Money issues are one of the biggest sources of stress for people in the UK, with one in three of us saying that thinking about our financial situation makes us worried. And people with mental health issues are almost three times as likely to fall into problem debt as those without. With Time to Talk Day fast approaching, we think it’s time to crush the stigma about asking for help with debt.

People in debt are often embarrassed to talk about it. They are also more likely to suffer from depression and less likely to recover from poor mental health. Tragically, 100,000 people in England alone who are struggling with problem debt attempt suicide each year. Debt can be a cycle which worsens mental health issues, while mental health issues can be a catalyst for problem debt. The perfect storm.

We know that talking about problem debt and mental health worries can have the power to change lives. Speaking to someone is often the first step towards getting back on top of your finances. Reaching out to family, friends or any other source of support can make you feel less alone. You can also seek help from your doctor if you’ve experienced a decline in your mental health. Mental health issues should never go untreated.

We can also help with our free, independent advice and ongoing support service to those struggling with debt. There may be ways to manage your debts that you're not aware of, and we treat any information you give us confidentially. 

Time to Talk Day is run by Mind and Rethink Mental Illness with the aim of creating the nation’s biggest mental health conversation. If you would like more information or help with mental health issues, you can visit mind.org.uk or rethink.org

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.

Related posts

debts

12 Apr 2024

Brits spend £1.4 billion a year on overdrafts

If you're in need of debt advice, we can help.

debts

12 Apr 2024

Nearly one in ten people borrow money to fund food shops, Lenvi finds

Lenvi’s recent report on buy now, pay later (BNPL) loans and products gives us insight into people’s reasons for borrowing.

debts

11 Apr 2024

Vulnerable and minority groups are twice as likely to use unregulated buy now, pay later loans

Unregulated BNPL loans are causing the most vulnerable and minority groups in the UK to be at risk of debt to them.

debts

11 Apr 2024

Young people are three times more likely than older generations to have their mental health impacted by money worries

If you're aged 18-34 and struggling with debt and mental health, find out what help is available. You're not alone.