The link between poor mental health and money problems has never been more apparent. With the rising cost of living, the number of people facing financial difficulties has increased significantly.
According to analysis by the University of Bristol, 1 in 6 UK households (4.4 million) are now in ‘serious financial difficulties’, compared to one in ten (2.8 million) in October 2021.
‘Researchers found people were using a variety of methods to tackle rising energy bills, since the start of January 2022:
Worrying about money can have a detrimental effect on your mood, sleep, energy levels, concentration, work, relationships and self-esteem.
Having a job does not preclude you from having money worries, many working people are struggling with the added pressure on their finances.
In addition, frequent accounts of people going without food can also increase money anxiety.
There is still much stigma and shame associated with financial difficulties. Making it part of your workplace mental health and wellbeing conversations and sharing resources will help to encourage people to seek support.
If you are facing money difficulties, it is important to face your fears and seek help to prevent problems from worsening.
The organisations listed below provide confidential advice and resources to help people with money difficulties: