Reading time: 2 minutesPublished: August 26, 2018
It’s one of those questions. Mental health is linked to financial problems but which came first? It's a bit like the chicken and the egg? It's difficult to separate the two and put more importance on one or the other.
Mental health problems can cause financial problems or is it the other way around? Which ever you believe, one thing is apparent, it’s a vicious cycle.
In our final article in the series for this month where we have been featuring mental health, we are taking a look at how mental health issues and financial health issues are inextricably linked. As the connection between mental health and money problems is becoming more widely known, statistics are now showing that 1 in 4 suffering with mental health is also in debt.
Importantly, It can be an issue that is unrecognised by mental health professionals which means that very often this can leave people to face their financial woes alone.
Money matters are often complex and require the ability to make decisions and plans. For most of us that is something that we can easily handle. However, depression takes away our ability to focus. The psychomotor functioning is damaged. This means that the ability to move, speak, react and think is slower than normal. This can manifest in a variety of ways, largely depending on the severity of the impairment. People with depression may not eat or drink adequately, simply because they cannot muster the energy. Daily mundane tasks become a chore and seemingly impossible.
It’s interesting to see that 78% of us think of mental illness as an illness like any other and 91% of us think that we should be more tolerant. (Mind study: 2014)
It is easy to judge others. It is often presumed that people with low motivation are simply lazy or careless and that they could easily address their problems if they so wished. Yet, how can you deal with appointments to help with your depression if the depression itself is also causing agoraphobia so you can’t go out to meet people who could potentially help? Do you see how the cycle can be never ending?
It’s easy to trivialise things and we have all had days when we feel a bit low and have struggled to get out of bed. We have all bought ourselves a big tub of ice cream and sat on the bed with a spoon in an attempt to comfort ourselves, digging for the bottom of the tub. Hoping that the answer to whatever the question is lies at the bottom of that tub.
Depression is certainly linked to financial problems and the link between financial debt and depression is now widely documented with many leading experts writing on the subject. Moneysavingexpert.com founder, Martin Lewis has written extensively on the matter .
He has also has set up the new Money and Mental Health Policy Institute, funded with a pledged £2.1 m donation over four years.
There is a free moneysavingexpert.com guide which gives all the help you will need those affected by mental health issues and debt. Get your copy here
There is a real link between mental health and financial problems. And this free guide is full of information for sufferers and carers alike.
Written by: Mimi