Money worries are one of the leading causes of anxiety, new research has revealed.
Figures from the Mental Health Foundation, as part of Mental Health Awareness Week 2023, show that financial concerns are the most common cause of anxiety – with one-third of adults uncomfortable talking about their concerns.
Despite calls for people to be more open about their mental health in recent years, 37% of adults with anxiety say they’re ashamed to talk about it to anyone.
Worryingly, young people are the most likely to avoid speaking about anxiety. More than half of 18 to 24-year-olds (56%) said they wouldn’t tell their employer about anxiety – highlighting the importance of breaking down the stigma surrounding anxiety.
One in three people worried about paying the bills
Unsurprisingly, the cost of living crisis is a driver of anxiety for many. In fact, stats from the charity reveal that one in three people (32%) said they felt anxious about being able to pay their bills. Meanwhile a further 20% said debt was a cause for concern and 15% revealed they were worried about job security or unemployment.
While the link between mental health and money problems are clear to see, the Mental Health Foundation is calling on people to tackle the stigma of debt by talking about their issues.
“There are clear links between financial strain and poor mental health and for people experiencing both they are faced with a double taboo,” Mental Health Foundation chief executive Mark Rowland said
“We don’t like to talk about money matters and the perceived stigma about mental health is stopping many of us from talking about our problems.
“The cost-of-living crisis has exacerbated both financial strain and poor mental health, creating a public mental health emergency.”
“No surprise” cost of living crisis is a source of anxiety
Concerns have also been raised that people with known mental health problems are unlikely to disclose their situation to an essential services provider.
Research from the Money and Health Policy Institute shows only 14% have shared their circumstances with their financial services providers, 12% to their energy firm, 13% to their telecoms provider and 11% to their water provider.
Now Helen Undy, chief executive of the Institute, is calling on business leaders to ensure their teams are equipped to help those in need during the cost of living crisis.
“It’s no surprise to see that the cost of living crisis has become a serious source of anxiety for many people across the UK, who are starting each day worried about how they’ll make their finances stretch,” she said.
“Talking about your mental health can be daunting at the best of times, but money problems can seriously compound those difficulties and can add another layer of shame that makes it harder to deal with.
“We need the government and regulators to step up support measures to reduce the financial pressures and distress that people are facing. That includes stopping debt collectors from hounding people about missed payments and making sure that people can get the support they need through the benefits system.
“Businesses like banks, energy providers and other utility firms can play a critical role in easing the anxiety people are facing during the cost-of-living crisis too. Taking steps to make sure their staff are trained to help customers who disclose they are struggling with their mental health and to signpost them to support, could make a big difference.”
If you’re feeling anxious about your finances, talk to Carrington Dean. Our debt specialists can provide free advice to help you regain control of your finances.
