Money and mental health
Living with money worries can affect our mental health and our mental health can affect how we manage our money.
What do we mean by mental health?
We all have mental health in the same way that we all have physical health. Sometimes our mental health is good, sometimes it isn’t and sometimes we can get very ill. Our mental health is on a spectrum and knowing your own mental health needs is an important part of both self management and money management.
What are the links between mental health and money?
People experiencing mental health challenges are three times more likely to be in problem debt (click here to go to the Money and Mental Health Institute website for more information on this statistic ). You might have noticed a link between how you feel and how you spend. There are lots of reasons for why it can be difficult to manage our outgoings and mental ill health can make this even more complicated. People can lose touch with everyday reality and spend in an impulsive or reckless way.
The Money and Mental Health institute is campaigning to make life easier for people with mental health challenges who are experiencing money difficulties. If you have a mental health challenge you can help by becoming part of their experts by experience group. You can find more information on their website, by clicking here.
What can I do if my mental health challenge is affecting how I manage my money?
Using the tips and techniques on this website can help you get in control and access additional help you might need. If you know that anxiety is stopping you from looking at your financial situation, make sure you get help as soon as you can. To get help with your mental health you can talk to your GP or access the following online resources.
The Royal College of Psychiatrists’ website contains many leaflets and information on mental health including information in different languages and self-help materials.
You can visit their website here
Mind provides advice and support to empower anyone experiencing a mental health problem. They campaign to improve services, raise awareness and promote understanding. Local Minds support over 400,000 people across England and Wales. Their services include supported housing, crisis helplines, drop-in centres, employment and training schemes, counselling and befriending.
The national mind website is here
What can I do if I'm worried about someone else?
It can be hard to know what to do when supporting with a mental health challenge. For help on what to do if you think someone might be suicidal, the stop suicide website which you can reach here has lots of resources and online training.
The Time to Change campaign encourages us to talk more openly about mental health challenges, including suggestions for starting conversations; their website can be found here
Mind have information aimed at helping friends, family, carers and others to give support and take care of themselves too which you can find here
Further web resources
Mind’s website has hints and tips for managing money and mental health challenges here
You can also find practical advice and support here, from Money and Mental Health UK
Cambridgeshire and Peterborough NHS Foundation Trust (CPFT) who you can find here provides mental health services, statutory social care services, children’s community services and learning disability care.
To self refer for Cognitive Behaviour Therapy in Cambridgeshire or Peterborough click here
The Norfolk and Suffolk NHS Foundation Trust provide mental health, substance misuse and learning disability services across Norfolk and Suffolk and can be found here
Also see the NHS online resources here The NHS have many online resources at their every mind matters website
Other on-line providers of CBT include:
mood gym which you can find here
and live life to the full, which is here