According to the Money and Mental Health Policy Institute, 46% of people in problem debt also have mental health problems. This highlights just how much of an affect our mental health can have on our finances.
The Impact of Depression and Low Mood
If you’re experiencing low moods or depression, you may not want to sort out your finances. People with depression may experience:
- A continuous feeling of unhappiness or low mood
- A lack of motivation
- Finding it hard to make decisions
- A lack of energy
- Feelings of anxiety
- Low self-esteem and a sense of worthlessness
Therefore, those experiencing depression, a depressive episode, or low moods tend to find managing their finances difficult. It may seem like you can’t summon up the energy or motivation to stay on top of your finances, like paying your bills or checking your bank balance.
You may simply find it hard to remember to pay your bills, due to issues with concentrating affecting your ability to stay on top of your finances.
Spending may also make you feel good in the short-term, giving you a rush. This may lead to you overspending, taking retail therapy too far to seek pleasure.
The Impact of Anxiety
As shown above, many people with depression suffer from feelings of anxiety and a lack of self-worth, which can make it extremely difficult to seek financial help. You may feel shame or fear about opening up about your financial concerns, which can prevent you from getting the help you need. This can also be applied to those suffering from an anxiety disorder or experiencing anxiety as a symptom of a different mental health issue.
Some people may feel a strong sense of anxiety or panic over opening up letters, speaking over the phone, or attending in-person appointments for things like benefits assessments. This can make it really hard for you to keep all of your financial affairs in order.
Please remember that help is always there for those who choose to seek it. If you’re struggling to open up, you may find some of the links listed at the bottom of this blog helpful.
The Impact of Mania, Hypomania, and Mood Swings
Those with bipolar disorder or certain mood disorders like borderline personality disorder (BPD) may see it have an impact on their spending.
This is because those with BPD may experience severe mood swings over short periods of time, and those with bipolar disorder is characterised by severe mood swings with episodes of mania (extreme highs) and depression often lasting several weeks or months.
During these feelings of an elevated mood, you may engage in more reckless behaviour, such as excessive partying, taking more risks, and gambling. All of these things can take their toll on your finances, and often lead to overspending.
The Impact of Addiction
Those suffering from certain addictions may experience financial problems as a result, such as debt. These include (but are not exclusive to) addictions such as:
- Gambling
- Compulsive buying disorder
- Alcoholism
- Drugs
This can be difficult to get out of… if for example you are addicted to alcohol and it takes its toll on your finances, this may lead to feelings of worry, shame, and lowness. This may very well lead to you craving alcohol even more, as an attempt to quell these feelings, making it a vicious cycle.
If you feel like you or someone you know is struggling with your mental health, these are some services that are there to help:
- https://www.mind.org.uk/information-support/local-minds/
- https://giveusashout.org
- https://www.samaritans.org
- https://www.mentalhealthandmoneyadvice.org/en/