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In the UK, a charity found that people with mental health issues, such as obsessive compulsive disorder, were more likely to have money problems. There is a way to change that, said the charity. ( Mario Sánchez Prada | Flickr )
A new badysis found that people with mental health problems were more likely to be deeply in debt than people without mental health problems.
In particular, the link between increasing debt and mental health problems was strong among people with bipolar disorder, depression or obsessive-compulsive disorder, the study said.
In fact, people with obsessive compulsive disorder were six times more likely to have money problems, as explained by the Money and Mental Health Policy Institute.
As a result, the UK's Money and Mental Health Policy Institute, a UK-based independent charity conducting research in this area, calls for greater protection for people in these situations.
In the UK, about 1.5 million people are struggling with mental health and debt problems, the institute said.
"We are here to change that," said the institute on its website.
The link between disabling debt and mental health problems
In one study, the Money and Mental Health Policy Institute badyzed data from the Adult Psychiatric Morbidity Survey, which recorded responses from 7,500 people in England.
Debbie, who lived in the West Midlands, was suffering from debt and mental health problems.
According to Debbie, when she developed a depression after the death of her father, her debt exploded. When she felt bad because of depression, she used her credit card to buy something. She often bought things she did not really need.
Finally, his debt amounted to £ 70,000 (over $ 92,000), resulting from the credit card, store card, catalog debt and travel expenses for low-paid work.
The survey badyzed by the institute revealed that one in four people in England, such as Debbie, had a "debt problem", compared to one in 20 people who did not suffer from mental health problems.
The symptoms of depression, such as poor concentration and low mood, often affect the way people manage their finances.
Helen Undy, Executive Director of the Money and Mental Health Policy Institute, said someone with mental health problems would have more difficulty staying at work or managing their expenses.
At the same time, the debt causes stress and anxiety. These problems feed on each other. This creates a vicious circle that can destroy lives, she said.
How to help people in debt
Despite all these interconnected issues, Undy said financial services rarely thought about people's mental health, while mental health services rarely took into account what was happening in patients' finances.
That being said, the institute believes that there is a way to change that. In fact, the institute says that service providers have the power to improve the emotional and financial well-being of clients. This can happen by introducing new tools, parameters and processes that help people with mental health issues manage their finances well.
Undy called on the government to develop policies that would dictate standards for service providers, from banks to energy providers to debt collectors. This should be offered to people with mental health issues.
According to Huffington Post, the government is already consulting changes to improve consumer protection across the country. The institute announced its intention to strengthen support for clients with mental health problems, including helping them avoid the debts of banks and energy providers.
Photo: Mario Sánchez Prada | Flickr
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