People with mental health issues more likely to be in problem debt
Analysis by the Money and Mental Health Policy Institute has shown that people with
mental health issues are three-and-a-half times more likely to be in problem debt,
and that this link is even stronger for certain conditions, such as bipolar disorder
and depression.
Financial problems can be a significant source of distress, putting pressure on people’s mental health, particularly if they are treated insensitively by creditors. An estimated 1.5 million people struggle with both issues at the same time, and there are strong causal links:
- Almost one in five (18 per cent) people with mental health problems are in problem debt, three-and-a-half times the rate among people without mental health problems (5 per cent).
- Half (46 per cent) of people in problem debt also have a mental health problem.
Recognising this as a complex issue, the Institute has set out how policymakers, service providers and essential services firms can play their part in breaking the link.
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