Money worries are the most common cause of anxiety, a leading mental health organisation has revealed.
However, figures released by the Mental Health Foundation show that despite being the biggest cause of anxiety, the stigma surrounding debt prevents more than one-third of UK adults talking about their concerns.
Now, Brits are being encouraged to talk about their financial anxieties as Mental Health Awareness Week 2023 gets underway.
The theme of this year’s event, now in its 23rd year, is anxiety, with people encouraged to know the signs and what support is available if they’re struggling.
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 worried about being able to pay the bills
Data released by the Mental Health Foundation shows anxiety is widespread across the UK as the cost of living continues to rise.
Research by the charity shows that almost three quarters of the population (73%) had felt anxious at least sometimes in the last two weeks. Additionally, one in three people (32%) said that worrying about being able to pay their bills had caused anxiety, 20% cited debt as a cause for concern and 15% said they were worried about job insecurity or unemployment.
Speaking of the findings, Mental Health Foundation chief executive Mark Rowland said: “There are clear links between financial strain and poor mental health and for people experiencing both they are faced with a double taboo. 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.”
He added: “We were hugely disappointed that just as financial pressures on people across the UK increased, causing anxiety about being able to pay the bills, the Government abandoned its planned 10-year mental health and wellbeing strategy for England, replacing it with a shorter-term Major Conditions Strategy that will cover mental health alongside several physical health conditions.
“We need the Government to take concrete steps to address the mental health impacts of the cost-of-living crisis with financial support schemes that alleviate financial stress. In addition, front-line workers such as debt advice services, energy companies and banks should be supported to respond effectively to the mental health effects of financial strain.”
“No surprise” cost of living crisis is a source of anxiety
There is also a rising concern that people with mental health problems are unlikely to disclose an issue 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 Creditfix. Our expert advisors can help you find a solution that could help you regain control.
