Debt linked to mental health problems

Debt management is a major problem for as many as one in four mentally ill people, according to one study.

A review funded by the Money Advice Trust (MAT) and the Finance & Leasing Association published by the Royal College of Psychiatrists and Rethink also revealed that approximately one-half of people who are in debt could be suffering from mental health problems of some sort.

Among the highlighted issues was the unstable economic climate, which puts more people at risk of losing their jobs if they suddenly become ill.

Chief executive Joanna Elson of the MAT commented that “the findings of today’s report illustrate the vital role the advice sector has in ensuring that vulnerable clients are able to access appropriate sources of advice and support”.

Bright Grey revealed recently that many people in the UK are struggling to remain debt free, with 12 million having difficulty paying their monthly bills.

ClearDebt adds: “In March of this year, Debt Solution expert and blogger, David Mond, commented that the £13 million of government funding said to be allocated to fund free therapy sessions during the recession will only cover the needs of 26,000 of the, then, 1.2 million unemployed people in the UK. As this number has risen significantly in the last six months, questions must be raised about those in society who are struggling to mentally handle the financial pressures of current day and have no advice support available.”

David Mond can be reached on Twitter at www.twitter.com/davidmond

By Anna Anderson