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The link between money and mental health

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Coronavirus has caused a mental health emergency. In a Mind survey from April 2021 (Opens in a new window), 65% of people told us their mental health has gotten worse because of the pandemic. 

And for people struggling financially, the picture is even worse. Almost three quarters of people in households receiving benefits told us the pandemic has made their mental health worse. And for those out of work, the pandemic is almost twice as likely to have negatively affected their mental health (Opens in a new window)

If you’re experiencing problems with your finances, or your mental health, know that you’re not alone. When you’re struggling with your mental health, it can be harder to manage or earn money. And worrying about money can make your mental health worse. It can start to feel like a vicious cycle. 

Whether you’re experiencing money worries, mental health problems, or both, it can feel overwhelming. It can be hard to know how to stay on top of everything. And sometimes, you might end up feeling guilty for not knowing where to begin. 

But there’s nothing to be ashamed of. Mind’s research has shown that those of us who are earn less than £20,000 per year, or who are unable to work due to disability or illness, are more likely to have poor mental health. Similarly, people with mental illness are more likely to have experienced poverty, homelessness or unemployment (Opens in a new window)

Andrew’s story

Hearing about how others have coped can be useful. In this video, Andrew talks about his online gambling addiction, and how he’s been able to start paying back his debts after asking for help (Opens in a new window). And in this blog, Siobhan tells us how setting realistic goals and opening up to friends have helped her to feel less guilty about spending money (Opens in a new window)

At Mind, we want to help you tackle money and mental health, together. There’s lots of information on our website (Opens in a new window) about how money and mental health are connected, as well as practical tips to help you stay on top of both. MoneyHelper also has tools and calculators to help you manage your finances. 

And if you want someone to talk to, visit our online community, Side by Side. There, you’ll find a place to share your worries, and hear from others in a similar situation. Sign up to join the conversation (Opens in a new window)

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