Money and Mental Health

Over the past few months, we have been collecting evidence on how the cost of living crisis is impacting money advisers and members of the public across Scotland. Our recent Cost of Living Report shows just how hard things have become.   

Money worries undoubtedly take a toll on our overall wellbeing. For many of us this winter, the cost of living crisis has exacerbated the effect that money has on our mental health. The Money and Mental Health Institute reported that more than half of UK adults have felt anxious, depressed, filled with dread or unable to cope, due to concerns about finances.  

Sometimes it can become a vicious cycle, when worrying about money can make your mental health worse, and poor mental health can make dealing with your money feel like an insurmountable task.  

Here at Money Advice Scotland (MAS), we believe that everyone has the right to financial wellbeing. This means that everyone has the right to have control and choice in their financial life, have a decent standard of living and to be treated with respect.  

This blog sets out some of the resources and tools that are available if money worries are having an impact on your mental health.  

Getting help and advice 

We understand that talking about money can be incredibly difficult, but it is the first crucial step to regaining control of your financial situation.  

Living with money worries can lead to feeling lonely and isolated. Although it can feel daunting to discuss finances, simply talking to someone can help you feel less alone and stressed by the situation you are facing.  

You can find more information on accessing free money advice here.

Financial Wellbeing 

Every day, we are bombarded with information about money. Whether it’s an advert for a new credit card, a report on the news about inflation or a letter from your bank about mortgages. All of this can feel overwhelming. Our financial wellbeing project seeks to empower people by providing current, relevant and useful information about personal finance. 

Our e-learning modules cover a range of different topics, from money management to planning for retirement. We also offer wellbeing modules that include exercises, strategies and resources to help manage stress.  

Furthermore, you can also find out about our workshops, training and topical monthly webinars here.  

If you have any questions, please don’t hesitate to contact us via [email protected]  

Adviser Wellbeing  

If you work in the free advice sector, we understand that it can be overwhelming and stressful at times. We would like to invite all those working in the sector to attend our wellbeing training courses and make use of the resources available in our dedicated Adviser Wellbeing Hub.  

You can find out more information and book a course here.  

Additional help and support  

In addition to what we offer at MAS, there are a number of organisations that can offer information and support if you are living with a mental health problem:  

• Change Mental Health (formerly Support in Mind Scotland) ensure that people have access to the support they need. You can find out more here.  
• SAMH is Scotland’s national mental health charity. They operate over 60 services in communities across Scotland and run an information service that can help you to access the support you need. You can find out more about them here.  
• Mind is a charity based in England and Wales. They have lots of information and guidance for anyone experiencing mental health problems on their website, including information about money and mental health. You can find out more here.