You are here: Home - Credit Cards & Loans - News -

Money at the root of mental health problems

Written by:
Financial problems are the main cause for 86% of those with mental health issues, according to research from loan comparison group FairMoney.

The extent of the problem is shown by the number of people taking out loans to cover basic household spending: 5 million British consumers have taken out a loan to cover home repairs and improvements in the last year. February is the most common month for home repairs.

In the last three years, consumer anxiety has reached an all-time high and according to the Psychiatric Morbidity Survey, there are 6 million in the UK suffering from depression and anxiety and financial worries are at the core. The FairMoney research showed the majority of us will still be paying off our Christmas debts until summer 2019 and over half of adults in the UK are managing problems with debt and subsequent mental health issues.

Today is Time to Talk day, which encourages the nation to discuss their mental health and generating awareness around the root cause. Supported by Mind, the National Lottery and Department of Health and Social Care, the day aims to challenge the stigma around mental health problems.

Executive chairman and founder of FairMoney Dr Roger Gewolb, said: “As the economy slows, there are over three million adults living in the UK with financial difficulties and mental health issues. Unfortunately, this is continuing to grow. Lending practices contribute to wellbeing and mental health issues, and lenders need to be accountable for this. With such pressure, it’s not surprising that consumers turn to payday lenders and credit cards to battle the financial burden.

“Fairer finance needs to available for all to help with these social ills. Payday loan providers have their place in society for cash-strapped Brits but this must be done in an ethical manner. Most people have been abandoned by poor lending practices that stem from the financial crash of 2008. We’re more than a decade on – things need to have changed. The sector must be eradicated to eliminate such ills.”


There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week