Opening up about personal finances can be a sore subject, especially when facing money issues or finding yourself spiralling into debt. 6 million Britons believe that they will never be debt free, with the average person in the UK owing up to a whopping £8,000!
Whilst worrying about the lack of money has effects on your social life and your ability to splash out on the finer things, it can also cause a fundamental change in your mental health, knocking your confidence and leaving you with the inability to think about your future or set goals and aspirations. One in two adults with debts has mental health problems, leaving people with long term effects such as depression and anxiety.
Research has shown that consumers with mental health problems believe their behaviour changes dramatically during periods of poor mental health. 93% say they spend more when unwell, 71% have put off dealing with creditors and 59% have taken out a loan they wouldn’t have taken out otherwise. The link between mental health and debt isn't something we can ignore.
The Better Off Finance program is here to help. We want to change the taboo of talking about money, support people in making their money go further and be a guiding hand to those who are ready to face their issues head on. So if you or anyone you know is out of work (don't have to be claiming benefits) and needs support, then get in touch and see if we can help.