Money and mental health
Managing personal finances and good mental health go hand in hand – problems with either make dealing with the other more difficult.
Personal finances and mental health often have a strong impact on each other. If you are struggling to keep control of your money, you may find that your mental health is affected. Likewise, if you find that you cannot cope with your feelings or behaviour, you may find that you get into financial difficulties.
This section, kindly supported by the Royal Bank of Scotland, contains a range of pages that explain how mental health can affect your finances, and give tips on how to manage your money if you do experience mental distress. You can also download our booklet on 'Keeping on top of your finances' and order a poster with 'Tips to manage your money'.
How mental health problems can affect your finances
Mental health problems are common. Unfortunately, if you become unwell you may neglect your personal finances and create more difficulties for you to tackle when you recover.
“Your mental health does fluctuate … the actual debt and my mental health feed off each other.” – Mind focus group participant
Mental health problems may affect your finances in many ways:
- If your ability to work is affected there may be a sudden or, possibly, dramatic reduction in your income.
- If you spend time away from home, for example while you are cared for in hospital, it may be difficult to keep up to date with your financial commitments.
- If you have symptoms such as mania your capacity to make financial decisions may be affected as you might act recklessly or unwisely.
- If you have symptoms of depression you may lose the motivation or the ability to concentrate to keep control of your finances.
- If you are unable to make decisions for yourself for any reason could be more vulnerable to financial exploitation or abuse.
How financial problems can affect your mental health
The stress and worry associated with trying to maintain control over your expenditure and keep your household running can result in:
- Worsened symptoms of depression such as inadequacy, despair and pessimism about the future.
- Increased anxiety due to fear of the consequences of getting into debt
- Conflict with, or between, family members that makes you feel worse
- Giving up control of your financial affairs
- Worrying about whether you should ask for help in case people judge you or make you do things
There are practical steps that can be taken to address problems with debt. By following them, you are likely to be able to improve your financial situation and improve your mental health