Mental Health Awareness Week 2024

From 13th May – 19th May 2024, the UK-wide campaign by The Mental Health Foundation aims to spread awareness to the nation about our mental health, ways to improve wellbeing on a personal level, and how to get help for mental health if someone is struggling.

In our most recent customer survey, almost 91% of our customers told us that debt had an impact on their mental health before entering into a debt solution¹. We hear from many of our customers that their financial worries lead to stress, anxiety, and difficulties with sleep

For Mental Health Awareness Week 2024, the theme is movement. If you are struggling with unaffordable debt, we want to empower you to take action sooner rather than later. With a clear plan to get your finances back on track, the stress and anxiety that comes with having debt can fall away; leaving you to focus on the things in life that are most important to you. In fact, 89% of our customers told us that their mental health improved after they entered into a debt solution¹.

We hope that this article can illustrate the link between debt and mental health, spread awareness to people who are struggling with unaffordable debt that they are not alone, and finally to empower people who are dealing with problem debt to reach out for debt advice.

 

Mental Health in Scotland

Since 2020, Scotland’s average mental health has been declining, with little evidence to suggest that the effects of 2020 are lifting yet.

The Scottish Government’s most recent report found;

• An increase in adults feeling lonely ‘most’ or ‘all of the time’.
• A steady increase in adults reporting two or more symptoms of depression.
• A significant increase in adults reporting two or more symptoms of anxiety.

Scotland’s mental health has been reportedly suffering since 2020, with the cost of living crisis causing additional detriment to the nation’s mental health. Nearly half of Mind’s research respondents said that their mental health was negatively impacted due to the current cost of living.

There are various reasons to feel an impact on your mental health. A common cause of mental health issues is financial difficulty; often linked to heightened levels of stress and anxiety.

 

The Link Between Mental Health and Problem Debt

There is a stigma attached to having financial problems, and even more so when struggling with problem debt. This stigma can cause people to keep quiet about their financial struggles.

In a 2023 survey, almost 50% of our customers told us they waited a year or more before asking for help with their debts¹. However, in Trust Deed Scotland^® TrustPilot reviews, many of our customers say they wish they had reached out sooner than they did.

When left alone, financial problems can expand to affect other areas of life such as relationships, social life, physical health and mental health;

• 46% of people dealing with problem debt are also reported to have a mental health issue.
• 86% of people who experience mental health problems said that their financial situation had caused issues to their mental health.

 

The Cycle of Mental Health and Financial Difficulties

Financial struggles and mental health problems are interlinked. The impact that financial difficulty has on your mental health, and vice versa, makes this a difficult cycle to get out of; as one worsens the other.

Across the UK, it has been reported that;

• People with both depression and unaffordable debt are 4.2 times more likely to still have depression 18 months later compared to people without unaffordable debt.
• 63% of people with mental health problems find it harder to make financial decisions whilst struggling with their mental health.
• 42% of people avoided paying bills during moments of bad mental health.
• 38% of people took out loans while struggling with their mental health that they would not have taken out if they were not having mental health problems.

It’s clear that whilst struggling with mental health, making financial decisions becomes much more difficult. Many people make decisions that detrimentally affect their long-term finances, that they wouldn’t had made if experiencing stable mental health.

Once these financial decisions are made, it is likely to cause further impact on mental health; finalising the cycle between mental health and problem debt. When money is tight, people are likely to cut back; such as socialising less and spending less on purchases/ experiences that they enjoy. As well as cutting back on essentials such as heating and food. This has an obvious effect on mental health.

If you think you may be in this cycle, there is help available. We have helped thousands of people across Scotland to resolve their debt problems; in turn, improving the mental health issues caused by their unaffordable debt. You are not alone.

 

Mental Health and Employment

People with mental health problems are found to have more challenges when it comes to their employment compared to people without mental health problems. For people in the UK, it is reported that;

• There is a difference of £8,400 less in median gross annual income for people with anxiety and depression compared to people without anxiety and depression.
• 48% of people with mental health problems were reported as employed compared to 79% of people without mental health problems being in employment.
• People with mental health problems are more likely to be employed part-time; 37% compared to 24% of people without mental health problems.
• 37% of people with mental health issues are employed in the 3 lowest-paid occupational groups, whereas this is only the case for 26% of people without mental health issues.

When budgeting a smaller income, it is much more likely to struggle to keep up with living costs and to fall into problem debt. If you are coping with unaffordable debt, we want to encourage you to seek debt advice sooner rather than later.

 

“The findings suggest that the economic situation is exacerbating the existing mental health crisis that has been flagged by several reports and studies…”

Professor Craig Morgan, co-director at the ESRC Centre for Society and Mental Health

 

 

Help is Available

Dealing with debt can impact on mental health. If you have debt, you are not alone. We can help.

Debt happens, and we will never judge.

Trust Deed Scotland^® is one of Scotland’s largest debt solutions providers, specialising in debt solutions such as Protected Trust Deeds and DAS. After entering into a debt solution with us, you can have peace of mind knowing that there is now a plan in place for you to get your finances back on track.

We deal with your creditors on your behalf. With reduced creditor contact, this means that you feel the space to breathe and experience less anxiety compared to whilst dealing with initial creditor harassment.

We understand that it is not always possible to talk on the phone; for lack of free time, privacy, hearing impairments, or anxiety. So, we offer a WhatsApp Debt Advice Service to ensure that you get the debt help you deserve.

At Trust Deed Scotland^®, our team comprises of friendly, understanding and supportive debt advisers. To understand the Scottish debt help that we can provide you, get in touch today at 0141 221 0999 or message us via our WhatsApp Service.

¹ November – December 2023 Trust Deed Scotland^® customer survey with 2,246 responses.