Bronwen Dalley Smith, Communications and Events Assistant for the Money and Mental Health Policy Institute, has written a guest post to tell us about the work they’re doing to support people dealing with debt and mental health problems.
Last year, nearly 600,000 people turned to StepChange Debt Charity for debt advice. That’s more than one person every minute of every day, throughout the whole of 2016. While this was StepChange’s highest yearly record to date, they were able to help.
At the Money and Mental Health Policy Institute we regularly talk to people who are getting their finances back on track with the help of StepChange Debt Charity. Yet, as a research charity exploring the link between financial difficulty and mental health, we couldn’t help but be concerned by this figure.
Half of British adults with a debt problem also have a mental health problem, so it can be assumed that nearly 300,000 of those who contacted StepChange last year were also struggling with poor mental health. The two are so closely entwined, that it is often impossible to identify which is the cause and which is the effect.
Whether mental health problems hinder your ability to manage your money or your financial situation worsens your mental health, once entered, the cycle can seem never-ending. Continue reading »
