Beryl - March 2017
85% of PayPlan clients said that being in debt impacted their mental health
In our 2019 survey to find out the links between debt and mental health, PayPlan clients reported feelings of stress (91%), anxiety (84%) and depression (68%).
Life after debt
What’s encouraging, is the survey also clearly shows the positive effects that seeking advice has on wellbeing.
- 93% of PayPlan clients said that after seeking advice, their mental wellbeing improved and stress levels reduced
- A huge 95% said they now feel confident in managing their money
- 69% can now open up to friends and family about their situation.
- Over two thirds found PayPlan’s online journey to be beneficial for their mental health, as they were able to complete and digest important financial information in their own time.
Warning signs of getting into debt
Our clients shared that more than often, there aren’t warning signs that you’ll be in problem debt in the near future. What seems affordable can suddenly become an issue due to events like going on maternity leave, being made redundant or a bereavement.
Other signs included:
- borrowing money to make repayments
- if you have a bigger out going than income
- paying for essentials on credit cards
- letters from creditors
- mood swings and increased drinking
Mental Health Awareness 2019 – Blogs
Seeking debt advice improves mental wellbeing and reduces stress
In a recent PayPlan survey, 93% of clients reported that seeking debt advice improved their mental wellbeing and that they felt a reduction in their stress levels.
Clients in debt believe there is more that can be done nationally to help people stay debt-free and seek support sooner.
‘A third of people in debt worry about how it impacts their performance at work’
Helen Clarke, Partnership Manager at PayPlan, explains how debt can impact mental health and wellbeing, and how this can link to performance at work.
Our clients spoke about not just the impact being in debt has on their home life, but secondly, how money worries seep into their performance at work.
Working with clients dealing with both money and mental health problems
Working in debt advice is stressful. Particularly when you are regularly listening to the experiences of your clients which can often be very sad. Therefore, it’s important to look after yourself.
Research has shown there are 5 ways to wellbeing; keep active, connect with others, be mindful, give back and keep learning
PayPlan client stories and infographic
Money worries (and how to beat them)
In a three-year research project, Dr. Simon McNair at Leeds University Business School has worked with Citizens Advice in Leeds, and in Bradford to develop a freely-available advice booklet that can help debt advice clients cope with the emotional impacts that financial difficulties can bring.
Being in debt is often fraught with a range of negative emotional reactions. Stress, self-conscious feelings of guilt or shame, and low self-confidence are all emotional burdens that can interfere with how people confront their financial issues and undermine their attempts to take steps to overcome these issues.
Debt and Mental Health 2019 Downloadable Infographic
Download our free infographic, which shows key statistics from the recent survey.
Over 85% of clients reported that being in debt negatively impacted their mental health, reporting feelings of stress (91%), anxiety (84%) and depression (68%).
Why more people should talk about debt
I was worried about paying my bills as a result of my ex son in law taking credit out in my name. I found it really hard to understand why someone you thought you could trust could do that to another human being.
I hope that my story will help, even if it’s just one person. Never be afraid to ask for help because the help is there and someone willing to listen and advise.
Free Vulnerability Training
Using real examples, we explore what’s expected by regulators and experts, offering practical insights on how to spot the signs of vulnerable clients and how to correctly record this information.
Support from partners
If an adviser feels a client may benefit from additional support, they can signpost them to external partners, including the Samaritans, Macmillan, Mind, GamCare and the Alzheimer’s Society, for specialist help.