Financial Concerns have Mental Impact on 74% of Indebted Britons

July 21, 2014

Luke-Notley small (Custom)Growing levels of debt and a perceived inability to escape the red have had negative mental health impacts on 74% of indebted Britons. Equally worrisome, these concerns have had negative physical health effects upon 54% of those concerned.

These figures are according to the Citizen Advice Bureau, which has set up advice sessions in UK medical centres. Citizen Advice Chief Executive, Gillian Guy, explained:

“The legacy of recession means more and more people are struggling to make ends meet.  Many people are relying on credit cards, payday loans and overdrafts to cover the cost of feeding their families and heating their homes. Money advice stops financial problems escalating and limits the impact on people’s mental and physical health.

“Nearly three in four people with debt worries told us their financial concerns were affecting their mental health and more than half said it was having an impact on their physical health.

“Health problems that limit how much people can work or if they are able to work at all, can have a devastating impact on people’s finances.  It’s important that, alongside treatment, advice is available to make sure people are getting all of the benefits available and don’t end up in financial crisis.”

Worryingly, 38% of the people surveyed were not planning on taking any action to pull themselves out of debt, hoping instead that their financial woes would simply vanish into thin air.

For the more realistic and proactive debtors, InControl offer bespoke guidance to debtors, asserting each case on its individual merits and offering advice accordingly. Specialists in debt management and consolidation, their dedicated team can help debtors find the most suitable solution to their financial problems. This can help debtors relieve their debts and their anxieties before their mental and physical health is compromised.

The mental and physical impact of debt can have a chain reaction upon the welfare of the affected party and their families, with a multitude of knock-on effects discovered by the Citizens Advice Bureau. Of those surveyed, 29% claimed to have turned to drinking to take their mind off the debt, 29% to smoking and 24% to over-eating.

The health effects suffered by the indebted and anxious include panic attacks, losses of appetite and illnesses brought about by not being able to afford heating and/or sufficient nutritious food.