We've all seen headlines about the rising cost of living and its impact on wallets. But have you considered the hidden toll it can take on mental well-being? From managing everyday expenses to dealing with unexpected bills, financial worries can quickly become a heavy burden.

This week we delve into the complex link between money and mental health, offering insights and resources to help navigate this reality.

'One in four adults will have a mental health problem at some point in their life.

One in two adults with debts has a mental health problem.

One in four people with a mental health problem is also in debt.'

- Royal College of Psychiatrists

In the UK, the recent climate with soaring energy bills and inflation hasn't made things easier. While there are green shoots of inflation easing, the impact still weighs heavily on many. The good news is, energy bills are predicted to fall by 16% from April 2024, hopefully offering some relief.

The money & mental health link

A 2021 survey by the Money and Mental Health Policy Institute (a charity founded by Martin Lewis) found that 39% of respondents with mental health problems in the UK say their finances worsen their condition. And according to the Joseph Rowntree Foundation, "Money worries... contribute to low-income adults and their children being much more likely than wealthier adults and children to suffer from depression or anxiety."

Financial anxiety can manifest in various ways

• Constant worry about bills and expenses: This can lead to difficulty concentrating, sleep issues, and feeling overwhelmed, impacting daily life.
• Unhealthy coping mechanisms: Some might resort to impulsive spending to escape stress, making things worse long-term. Others avoid dealing with finances altogether, leading to debt build-up.
• Changes in self-care: Feeling overwhelmed financially can affect appetite, motivation, and overall well-being.

Breaking the cycle

1. Acknowledge the connection: Recognising the link between your finances and mental health is crucial. Talking about it with a trusted friend, family member, or therapist can help.
2. Seek support: Don't hesitate to reach out for professional help. Therapists or counsellors specialising in financial anxiety can offer valuable guidance. Consider NHS talking therapies or charities like Mind.
3. Build financial literacy: Free resources like Stepsave, MoneyHelper, Citizens Advice, or StepChange can help you understand your options and manage your finances effectively.
4. Prioritise self-care: Healthy sleep, exercise, and relaxation techniques like mindfulness can reduce stress and improve your overall well-being. Use free NHS mental health resources available online.

Remember, you're not alone! Many in the UK face financial anxiety, and help is available. This guide by the NHS offers great advice and resources. By addressing both finances and mental health, you can break the cycle and build a brighter future.

Pro Tip: The NHS website has a great guide on mental health and money. Including:

• Self-help CBT techniques
• Video on Mindful Breathing
• How to fall asleep faster and sleep better
  

Need help? Check out our recent post on how to get your finances back on track.