The study, emphasising the stark correlation between debt and poor mental health, has been published to mark the start of Mental Health Awareness Week.
Researchers found that 16% of UK adults behind on household bills reported their mental health to be ‘not good at all’, compared to just 6% of adults who were not behind on bills. Those behind on bills were also almost twice as likely to have very poor physical health, with 13% reporting this, compared to just 7% those who are not behind on bills.
In total, two in five (38%) adults behind on bills reported some degree of poor mental health, significantly higher than those who were not behind on any bills (24%).
National Debtline found that almost a third (31%) of people who had faced debt problems in the past three years said their mental health got worse as a result, while a fifth (18%) said their physical health worsened.
The debt charity said the findings highlight the importance of joining up mental health and financial support services to help tackle and prevent mental health conditions worsening.
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Generational financial pressures
The data found that mental health deterioration as a result of being in debt rises considerably among the 25-34 age group (with 42% reporting their mental health got worse as a result of being in debt) and 35-44 (34%) age group.
National Debtline said this could be indicative of certain generational financial pressures faced by millennials and Gen Z, such as high renting costs.
The research also found that two in five (40%) private renters saw their mental health worsen as a result of being in debt, potentially reflecting the particular financial and housing insecurity private renters face.
Money worries are also fuelling the mental health crisis even among those who are not yet in debt. Half of people (50%) who are very worried about their finances, but have not yet fallen behind, report that they have poor or very poor mental health.
Back in March, StepChange Debt Charity reported a “massive increase” in the number of people seeking debt advice, as they can’t keep up with ever-increasing bills.
In order to best support people with mental health conditions, National Debtline also runs a service partnership with Rethink, which runs the Mental Health and Money Advice Service in England.
Steve Vaid, chief executive of the Money Advice Trust, which runs National Debtline, said: “We know that for many, debt can provoke feelings of isolation and risk harming mental wellbeing – but no one should have to face these problems alone. Our advisers at National Debtline offer free, impartial advice to help you understand your options, so I urge anyone feeling concerned to get in touch.
“Our partnership with Rethink allows us to work together to offer people specialised, holistic support at a pace that suits them. We know people experiencing mental health issues may struggle to engage and that money worries can feel overwhelming if you don’t know where to turn. The partnership focuses on helping people on a casework basis, including access to a wide range of support tools.”
