Over four in five people in the North West say money problems have impacted their mental health

Over half (60%) of people living in the North West have experienced money-related issues, with 85% saying it has impacted their mental health, according to new research.

The research reveals 77% of people living in the North West with money issues have experienced stress (57%), anxiety (55%), depression (32%) and low self-esteem (32%) as a result of financial pressures.

Over three in five (62%) said that poor mental health can make it more difficult to manage finances and of those who have experienced mental health issues (41%) have experienced difficulty coping with and managing change and uncertainty, and (28%) experiencing difficulty in forming and maintaining good relationships with others.

The findings by TSB come as a new resource to help improve people’s mental health has been launched – Every Mind Matters – by Public Health England (PHE), in partnership with the NHS.

Every Mind Matters shows people the simple steps they can take to be better prepared for life’s ups and downs. 

The new resource, which has been endorsed by the Royal College of General Practitioners (RGCP), will enable people to create a personalised action plan recommending a simple set of self-care actions to deal with stress, boost mood, improve sleep and feel more in control.

Additional findings from the Money and Mental Health policy institute show almost one in five (18%) people with mental health problems have financial worries. People experiencing mental health problems are three and a half times more likely to be in problem debt than people without mental health problems (5%).

TSB’s data also shows that 16% of people living in the North West say they worry about money on a daily basis. Top worries include ‘not being able to afford the lifestyle they want’ (50%), ‘worrying about not being able to make ends meet’ (33%) and ‘not being able to pay bills, such as utilities or housing costs’ (26%). 

Neil Mitchell, Head of Vulnerable Customers at TSB, said: “If you are having money worries then you should always seek help and advice. There are a number of organisations who can help you, including your bank or building society, so never be afraid to talk to someone. Take one step at a time to help you get back on track.”

Duncan Selbie, Chief Executive of Public Health England, says: “Our health is affected by our circumstances, including having a job, friends and a roof over our heads. Anxiety, stress, low mood and trouble sleeping can affect everyone. Every Mind Matters aims to help people to better handle life’s ups and downs.”

To see how the Every Mind Matters resource can help you, please visit:

• www.nhs.uk/oneyou/every-mind-matters/

Helpful tips:

• Make the first step and talk to your financial provider, there will be ways they can help if they understand your situation.
• Think about who else can support you. If you’re not feeling up to it, most financial organisations will allow a nominated person to act on your behalf if you make arrangements with them.
• Keep communication open and ongoing with your financial provider and help them to understand how you prefer them to communicate with you in the future.
• Remember that help is always available.