Half of people living with a mental health problem have less than £100 in savings and over a third don’t have any, new research from the Money and Pensions Service (MaPS) suggests.
- Over a third have no savings.
- They’re twice as likely to have no savings as people who don’t live with a mental health problem.
- Two thirds are anxious about how much they owe on credit.
- Free help is available, but six in seven still struggle to talk about money.
- MaPS and Mental Health UK are teaming up to spread the message that free money guidance and debt advice is available
The survey of 2,899 adults, carried out for Talk Money Week (November 7-11), showed that one in seven (15%) of respondents said they were living with a mental health problem that had affected them for 12 months or more.
Among them, 39% had nothing put away and 11% had £100 or less.
The results also show that they’re twice as likely to be living without savings as people without a mental health problem (17% of whom have no savings, with 8% having less than £100). This leaves them more vulnerable to the rising cost of living or unexpected bills, which could leave some needing credit to help make ends meet.
MaPS says although credit is an important tool when used and managed well, it’s crucial that people understand what they can afford and have a plan to pay it off.
However, the figures also reveal that most respondents living with a mental health problem are already finding this difficult and that they’re much more likely to see their wellbeing deteriorate if they’re struggling to manage their debts.
Among those that use credit, two thirds (65%) are now anxious about how much they owe and more than half (57%) are worried about the number of different products they have, compared to 39% and 32% of people without a mental health problem.
As cost of living pressures start to hit home, MaPS says it’s more important than ever to talk about money before problems set in. However, the survey also reveals that 91% of people living with a mental health problem are avoiding discussing their finances.
During Talk Money Week, MaPS is teaming up with national charity Mental Health UK, which runs a dedicated Mental Health & Money Advice service, to encourage people struggling with their mental health and finances to reach out for support if they need it.
MaPS says its MoneyHelper service can be people’s first port of call, offering free guidance on topics like everyday money, savings and where to find free debt advice.
Caroline Siarkiewicz, Chief Executive of the Money and Pensions Service, said:
“Living with a mental health condition is difficult enough, but when credit commitments start to add up, things can quickly become overwhelming. These concerning figures also show that most people in this situation have no financial safety net, so it can be difficult to know where to turn.
“This Talk Money Week, we wanted to team up with Mental Health UK to publicise one simple message; free money help and debt advice is available so you don’t need to struggle on alone.
“I’d urge anyone who has found themselves in difficulty, or who is looking out for a friend or family member, to log on to our MoneyHelper service today. You’ll find free information and resources and it has all the tools you need to plot the right way forward for you.”
Laura Peters, Head of the Mental Health & Money Advice service, said:
“Constantly living in fear of your bank account heading into the red when you have no savings to fall back on can have a destructive impact on your mental health, and this research is a stark reminder of the link between mental health and money worries. Due to cost of living pressures, more people are getting caught in this downward spiral, and given how difficult so many of us find it to talk about money, it can be hard to reach out for that support that can help you to break the cycle.
“Time and time again, we hear how taking that first step to get dedicated advice and information can be an important turning point for people. As scary as it might feel to talk about money, there is no judgement, only support and guidance to help you through difficult times.”
ENDS
For further media enquiries, including case studies, please contact the MaPS Press Office on 020 8132 5284 / media@maps.org.uk
Notes to editors
- This survey was conducted among 3,000 people in the UK aged 18+ in September 2022. It is nationally representative. Of those, 2,899 answered a question about their mental health.
- 14% of the overall sample said they had a mental health problem that had affected them for 12 months or more.
- Asked for the reasons they avoided talking about money, 9% said they never avoided talking about it.
About Talk Money Week
The week is an opportunity for everyone to get involved with events and activities across the UK which help people have more open conversations about their money – from pocket money to pensions – and continue these conversations year-round.
This year’s Talk Money Week will focus on the theme of ‘credit’ – to help demystify some of the jargon, build people’s understanding of credit products, and what their options are, including other forms of support that might be suitable. However, we encourage people to use the week as an opportunity to talk about any aspect of money.
More information is available at https://maps.org.uk/talk-money-week/.
About the Money and Pensions Service
The Money and Pensions Service (MaPS) is here to ensure every person feels more in control of their finances throughout their lives: from pocket money to pensions. When they are, communities are healthier, businesses are more prosperous, the economy benefits and individuals feel better off. MaPS delivers free and impartial money and pensions guidance to the public through MoneyHelper, which recently brought together legacy services the Money Advice Service, The Pensions Advisory Service and Pension Wise.
MaPS is working to make sure the whole of the UK understands that financial, physical and mental health are all deeply connected. MaPS’ role is to connect organisations with the shared purpose of achieving the five goals set out in the UK Strategy for Financial Wellbeing.
MaPS supports innovation so that everyone can use the most effective methods to help people feel more in control of their money, targeted to those most in need and inclusive of people from all backgrounds. MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP).
For further information visit www.maps.org.uk. Members of the public can get free guidance about their money and pensions via: www.moneyhelper.org.uk / 0800 138 7777.
About Mental Health UK
Bringing together the heritage and experience of four charities across the country who’ve been supporting people with their mental health for nearly 50 years, we provide support and services for the biggest societal challenges posing a threat to our mental health – and we won’t stop until everyone has the tools they need to live their best possible life.
Find out more at mentalhealth-uk.org/