New study reveals devastating impact of mental health problems on personal finances

This is a UK based report but I think relevant internationally.

Money and Mental Health is the new Policy Institute set up by Martin Lewis to tackle the toxic relationship between financial difficulties and mental health problems.

Today Money and Mental Health launch their flagship report Money on your mind. This is the largest study of its kind, drawing on the experiences of nearly five and a half thousand people with mental health problems. The findings are stark.

72% of those surveyed said that their mental health problems have made their financial situation worse, and that’s not just as a result of having less money to spend.
93% say they spend more when they are unwell
92% find it harder to make financial decisions
and worryingly 59% have even taken out a loan that they wouldn’t otherwise have done.
Of those who have taken out new credit in the last year, more than a third (38%) said that their mental health at the time left them unable to remember what they had been told about the loan.

Previous research has shown that one in four people with a mental health problem is in problem debt, while half of those in debt also have a mental health problem.

Commenting, Money Saving Expert Martin Lewis, Founder and Chair of the Money and Mental Health Policy Institute said:

“We know financial difficulties can have a serious detrimental impact on mental health, but this report now shows conclusively that it goes both ways – mental health problems can devastate our finances too.

http://www.moneyandmentalhealth.org.uk/money-on-your-mind-release/

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The only reason I’m not in debt is because my parents handled my school loans. Otherwise I have been on SSI since age 24 and have little to no money in reserve for emergencies, and will forever live in poverty it appears and worry about every cut in funding the government makes. When I see a commercial about planning for your retirement I want to puke.

How much do you get for ssi? If you don’t mind me asking.

Where I currently live (Connecticut) I rely on my parents AND disability, but I always tell myself if something happened to my parents and they left me no money I could move to Arizona or something and live pretty comfortably. I’m grateful for my parents though and obviously wouldn’t want anything to ever happen to them.

I’ve thought if something happened to my parents I’d commit suicide but then I quickly think "no you wouldn’t Jon, that’s not the right way to go about it.

It sucks my parents are near 70 and I’m only 26…fortunately they’re in good health. Long live and good health for mom and dad.

More so cuz I love them than because I rely on them though.

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Financially I’m ok but still constantly worry because of the regular benefit reassessments that could tip me from financially coping to financially struggling to keep my head above water.

My parents are my financial representatives. They pay my bills (with my disability money), they handle my complicated Medicare insurance. They make phone calls for me. They give me company. Hard to imagine life without them.

I only get $733 a month. I live a life of having few to no frills.

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Oh damn that’s not a lot. I used to get $550 then it went up a lot when my dad turned 65 and went on ss. Because my dad has paid more into ss than my mom who I was previously on her ss. Some people get close to 2k I think. I met a kid who was on 2 different types of disability and got like 2500 total. Doesn’t make sense the system. Arizona has REALLY cheap rent though. Glendale area. That’s where I’d move if I really was having trouble financially

$2500!?! That is like a fairly decent job’s wages.

How are you on your parent’s SS? I thought it came from the amount of work you did?