11 Oct 73% of UK adults report mental health improvement after seeking debt advice
Money and mental health often go hand in hand, with 92% of UK adults in debt reporting a significant decline in their mental health following serious money issues. However, seeking professional support can lessen the burden of financial stressors, with 73% of people reporting a significant improvement in their mental health after taking the first steps to manage their debt.[1]
Credit management company Lowell has teamed up with West Yorkshire homelessness charity Turning Lives Around to encourage more people to talk more about their debt.
The campaign follows a recent survey with Lowell customers, where 58% of those surveyed said they felt a sense of relief and hope for the future after seeking debt-related advice, while 71% reported a reduction in debt related stress.
Lowell has provided tips on how to start speaking to someone about debt, to try to remove the negative stigma surrounding the discussion of a difficult financial situation.
Conversation starters
Asking for help or support can be difficult no matter the situation, but talking about money to either a professional or friends and family can help you feel less alone when dealing with financial worries.
Whether you speak out during World Mental Health Day or at any other time, these conversation starters might help you to reach out to someone to get them the help they need or help make it easier for you to get in touch with someone to start a conversation and get support.
I know talking about money can be awkward and challenging – but I really want to make sure I’m here for you.
I’ve noticed that you seem to be upset and stressed at the moment. Is there anything I can do?
I’ve noticed that you might be having a hard time with money. Is that something you’d like to talk about?
I’ve had problems with money in the past so if you’d like to talk I’m here to help.
If you’re having a hard time with debt or mental health
I’m having some issues with money and I think it would really help to talk about it with you.
I’m having a hard time. I’m not really sure what to ask for, but I’d like to talk to someone.
I’m going through a tough time, and I feel like you’re someone I can trust. Are you free to talk?
I haven’t been doing so well recently and I think I need extra support with [debt/money/task]. Would you be able to help?
For some people however getting debt advice is only a small part of the challenge and as we have seen at Lowell sadly spiralling debt can often lead to homelessness. In these cases having a comprehensive support plan can be the real turning point to getting life back on track. World Homeless Day also falls on October 10 and Lowell’s charity partner Turning Lives Around works to prevent homelessness amongst some of the most vulnerable people in society ensuring self-care, physical and mental well-being, and recovery needs are met along with advice and guidance around claiming benefits, living to a budget and providing access to education, training, and employment opportunities.
“At TLA we are about supporting the person as a whole, helping initially with housing while assessing and providing the support required to address their other needs and issues which have contributed to them becoming homeless,” said TLA CEO Steve Hoey.
“Most of the people who are referred to us need support around finances and debt which can impact their mental health. Helping them access, prioritise and manage money is an important part of what we do to enable them to reduce their risk of future homelessness by sustaining tenancies and living healthy independent lives.”
