The Chronicle (South Tyneside and Durham)
Money worries Problems with the small print Reading – and understanding –
Here are some of the support options available when dealing with mental health and finances. By VICKY SHAW
MENTAL health issues and financial problems can often go hand-inhand, but with many people leading busy day-to-day lives it’s not always easy to take a step back and consider how the two could be interacting.
According to the Money and Mental Health Policy Institute, a charity founded by consumer champion Martin Lewis, people with problem debt are more likely to experience mental health problems.
The charity also says people with mental health problems are more likely to be in problem debt – showing just how intricately the two issues can become entwined. To help raise awareness of how mental health affects people’s finances, here are five key things to look out for:
Impulsive spending
Helen Undy, chief executive of Money and Mental Health, says: “When you’re struggling with mental health, it can be really difficult to stay in control of your spending.”
She adds: “Most high-street banks have tools in place that can help you limit your spending.
“Options like setting your own limit for contactless payments, or blocking payments to certain retailers and gambling websites can be really helpful for people who struggle with impulse control.”
Admin anxiety
“We all know that feeling of dread when you need to pick up the phone to your bank to sort out a problem,” says Helen. “But while for most people that feels like a minor stress or inconvenience, when you’re struggling with your mental health it can feel like an utterly overwhelming and impossible task.
“People tell us how even opening a letter from their bank or speaking on the phone can send them into a spiral and make them want to bury their heads in the sand.”
The charity has been working with banks to help ensure a range of accessible communication channels are available. Some people may prefer to communicate via webchat, for example, rather than by phone.
Difficulty managing bills
“Lots of common symptoms of mental health problems can make it difficult to manage and keep up with your bills,” explains Helen.
“Symptoms like brain-fog and poor memory, for example, may make it harder to remember to pay your rent or energy bills on time, keep track of what you’ve spent and plan ahead. It’s always worth exploring the tools available on your online banking app to help you better keep track of your bills, like setting up more frequent alerts, nudges and reminders when bills are due.”
For people experiencing more acute mental illness, Helen says the bank may also offer a “third-party access” option. This could allow a trusted person access to your account to help with finances. terms and conditions can be crucial when making financial decisions.
But checking information can be “incredibly tough” when someone is struggling with low motivation or poor concentration, says Helen.
She says: “There’s a responsibility on firms to make this easier for people – but asking a trusted friend or family member to read any documents with you could be helpful.”
Reaching out for help “Struggling with your mental health and your finances is a double stigma,” says Helen. “It can be so hard to talk about these issues even with people you really trust.”
Charities such as Citizens Advice and Mind can offer support, as well as your GP. Helen continues: “If you’re struggling with your finances and mental health, letting your bank, energy company or water company know about your mental health problem can also be helpful, as there are lots of practical measures they can take to make things easier for you.”
She adds: “With the right help and support, there’s no money problem that can’t be solved.”