Money troubles leave the nation facing a mental health crisis

05 May 2017

One of the UK’s leading free debt advice providers is urging for more to be done to end the stigma surrounding financial difficulties.

The call from PayPlan comes as part of Mental Health Awareness Week which is taking place between the 8 and 14 of May.

According to a national survey of 9,000 of its customers, PayPlan found that a staggering 91 per cent experience stress as a result of debt, while 82 per cent suffer from anxiety, 62 per cent deal with insomnia and 60 per cent reported depression.

Making matters worse, less than one in five people said they would admit their money worries to friends and family, meaning the vast majority of those in need are isolated and do not receive the support they need.

Figures released by the NHS show that approximately one in six adults in England report experiencing a common mental health problem in any given week, the equivalent to nine million people across the country.

PayPlan has helped millions of people across the country to take control of their financial situations. Having been in debt herself, Jane Clack, money adviser at PayPlan, explains the importance of raising the link between mental health and struggles with money:

She said: “Mental health and money worries do not discriminate, these issues affect people across all demographics, no matter their age, race, class or background. As a society, we need to end the stigma and start talking honestly about our mental wellbeing and financial troubles so that those most at risk can get the support they desperately need.

Jane adds: “The most important thing to do if you find yourself in this situation is to reach out for help – whether that’s a friend, family member or a debt advice provider. As long as you hide your head in the sand ignoring the problem, it’s only getting worse, so seek help as soon as you can.”

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