Worrying about whether you’ll be able to cover your mortgage or rent payments, soaring gas and electricity bills and other steep household costs can take a huge toll on your mental health.

Financial worries can often escalate quickly, leaving you fearful about possibly losing your home, or even being able to cover food bills. Tragically, growing numbers of people are finding themselves pushed into debt, with some forced to ration the number of meals they eat each day.

According to research by Virgin Money, shockingly nearly 9 in 10 Brits (88%) say that money worries are keeping them up at night, with more than half of those who are working (54%) suffering from anxiety in the week before payday.

Many people feel a huge sense of shame when they are experiencing money difficulties, and this can often prevent them from opening up to loved ones about the problems they are having. Research carried out by financial planning company Tilney found that 39% of people in the UK don’t believe they can confide in their partner, spouse or family friend if they feel anxious about money. However, keeping your financial worries to yourself won’t help solve them and the longer you bottle it all up, the harder it can be to talk about the issues you’re facing.

Zoe Bailey, chartered financial planner at Tilney, said: “People need to feel like they can access professional guidance where necessary, rely on loved ones when they’re in need of support and find some comfort in just talking to others. It’s been a tough year for lots of us, so recognising the link between our mental and financial health, and prioritising both, will reap rewards for our overall security and well-being.”

Here, we look at what the government and financial institutions are doing to support those who may be experiencing mental health issues due to money worries, and where to go for help if you need someone to talk to.

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What’s being done to help

The financial regulator the Financial Conduct Authority (FCA) conducted research into vulnerable customers, who it defines as those who, due to their personal circumstances (including issues with their mental health) are especially susceptible to harm, when a financial service company is not acting with appropriate levels of care.

Worryingly it estimates that a massive 27.7 million adults in the UK now have characteristics of vulnerability such as poor health, experiencing negative life events, low financial resilience or low capability.

As a result, the FCA has produced guidance which aims to drive improvements in the way firms treat vulnerable consumers. 

Nisha Arora, Director of Consumer & Retail Policy said: ‘Protecting vulnerable consumers remains a key focus for us and given the impact of the Coronavirus pandemic, it is more important than ever that firms get this right.

‘We also remind customers to tell your providers if you have specific needs – whether that’s due to ill health making it difficult to access a service, or a recent emotional or financial shock that is impacting your finances. Doing this will help firms support you.”

As well as the FCA’s guidance, the government provides a new scheme to give people struggling with debts more breathing space, which it launched in 2021. Under the scheme, people are given legal protections from their creditors for 60 days, with most interest and penalty charges frozen, and enforcement action halted. They also receive professional debt advice to design a plan which helps to get their finances back on track. Find out more about the scheme here.

Don’t suffer in silence

If financial worries are affecting your mental health, please seek help as soon as possible. You are not alone, and if you don’t feel comfortable confiding in friends or family, there are many services available to help you.

Free financial support services

If you don’t know where to begin sorting out your financial problems, contact Citizens Advice to help you find a way forward. You can speak to an adviser through its national phone service Adviceline on 0800 144 8848 if you’re in England, 0800 702 2020 if you’re in Wales, 0800 028 1456 if you’re in Scotland and 0808 223 1133 if you’re in Northern Ireland.

The following services also provide free guidance on money issues:

If you need specific help dealing with debts, you can get in touch with one of the following specialist debt advice charities:


Consider speaking to your bank

It might also be worth contacting your bank to see if they can offer you any support to help alleviate the financial stress you may be under. Recent research by Lloyds Bank found that worries about damaging credit scores prevent some people from seeking help, with more than one in three people wrongly thinking support from their bank would automatically have an adverse impact.

Jo Harris, managing director at Lloyds Bank said: “When you’re struggling, it can be particularly hard to reach out for help and our research shows many people could be missing out on valuable, practical support from their bank as a result.

“Whether it’s a change in personal, health, or family circumstances, it’s always worth reaching out to your bank to see how they can help. Most banks have specially trained advisers who will take the time to understand your personal situation and find ways to support you.”

Find out more in our guide Get help with your bills.

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Look after your mental health

With the past few years that we’ve all had, we have seen a significant increase in interest in our articles on mental health in the Healthy mind section of our site, including 12 different ways to help look after your mental health during lockdown and beyond and 7 tips for coping with stress and anxiety.

Charities that can provide more tailored help if you’re struggling with your mental health due to money issues include:

If you find yourself feeling particularly low, organisations such as The Samaritans are available to support at any time of the day or night on 116 123 – or by email at [email protected] if you’d prefer to write down how you’re feeling or don’t feel comfortable talking about it. Alternatively, there’s also the Shout Crisis Text line – text Shout to 85258 if you’re experiencing a personal crisis.