Mental health organisation gives advice on breaking debt taboo
Mental health organisation, Mente, is urging people to start breaking the taboo around being in debt and the mental health challenges that can come with it.
Despite its prevalence in life, money is frequently cited as one of the most difficult topics to talk about, with Lloyds Bank recently launching their ‘M-word’ campaign to get more people talking about it. Mente would specifically like to see more people opening up about debt, as it could help others who are struggling to realise that they are not alone and can get help. Many people simply avoid the topic of money altogether, and this culture of silence can make going through financial difficulties feel even tougher.
The taboo around personal finances prevails in 2019, despite financial stress being a common experience, with one in five UK adults reporting that they are ‘drowning in debt and money worries’, according to the Money Advice Service.
The connection between money and mental health is strong, with money problems being both a reason and result of poor mental health. The Money and Mental Health Policy Institute report that each year 100,000 people in England attempt suicide whilst struggling with problem debt.
Mel Joseph, founder and managing director of Mente, who had a financial career spanning two decades, said “Money worries affect so many people in the UK, so it’s a shame that the debt taboo still exists. I went through my own personal experience of mental ill-health that resulted in financial crisis, which impacted heavily on my recovery, all because I did not want to tell people how bad the situation had got. Although conversations about money can feel extremely daunting, and avoiding them altogether may feel easier, taking the plunge and opening up is beneficial for everyone involved.”
Mel went on to say “People get into debt for multiple reasons and not just from a lack of control over spending, which is many people’s incorrect perception. Debt can come from situations like illness, bereavement, divorce, or job loss. Anyone struggling with their mental health or financial situation, or both, should seek help before it gets out of control.”
Her company, Mente, is urging people to contribute to breaking the taboo around debt, as well as mental health, and have given a number of tips on having a conversation about money.
Firstly, they recommend talking about money worries with people who you trust to begin with, as they may understand and empathise with your situation more. Mente also advise that people should not leave talking about money until it reaches a crisis point.
They also recommend discussing the feelings that are associated with money worries, emphasising that conversations do not have to solely focus on specific financial numbers, but can cover experiences and feelings. They say that number-crunching can be important, but so is understanding the emotions that go hand-in-hand with finances.
Mente support businesses to look after the mental health of their employees, but also offer free financial education through their Mente Money website. Mente Money covers information about debt including statistics, how debt can affect a person’s mental health, how to budget, and solutions for managing debt.
For more information about Mente, visit www.mente.co.uk, or to read more about money worries, visit Mente Money, at www.mentemoney.co.uk