According to the Financial Times, there are more than 8 million people in the UK struggling with some degree of debt problem. Most of these people won’t seek help until things have reached crisis point.

Words by Zoe Ward

There are many reasons why poor mental health can affect the management of a person’s finances. Low mood can lead to poor decision-making regarding finances and overspending.  In more serious cases, taking time off of work or admission to hospital may cause a sudden and significant reduction in an employee’s income.

A 2010 study from the Royal College of Psychiatrists found that half of UK adults in problem debt are also living with mental health issues. They range from low moods and periods of anxiety, up to more serious diagnosed mental health disorders. It seems that poor mental health can sometimes be the pathway to debt problems and vice versa. 

Much of debt-related anxiety can be due to a lack of support from surrounding family members, employers or creditors. Debt can be a huge burden to shoulder on your own. The anxiety caused by debt can also lead to the loss of quality sleep, which can compound the issue, as losing a good night’s sleep can affect your overall mood.

 

According to a report by MoneySavingExpert.com on mental health & debt,  “35% of people with debt problems said their relationship has suffered or ended completely due to debt worry”, so it’s important to look after our colleagues and offer them the support they may need when they need it the most.

 

Talk

Speaking about their feelings rather than bottling it up can help take the burden off their shoulders. They can talk about debt confidentially to a trained counsellor face-to-face, which can help them to feel less alone.

 

Stay Positive

If an employee is feeling overwhelmed with negative feelings due to debt, it’s important to look for the positive aspects and focus on these. Our trained counsellors, work within the British Association for Counselling and Psychotherapy’s ethical framework and can work with an individual with their personal circumstances.

 

Support 

A partnership with PH7 Health means your employees have access to 24-hour support, 7 days a week. We are a point of contact for all staff and can be available via telephone, Skype and face-to-face at our Wellbeing Centre. We have a variety of services available including free peer support groups, tailored to individual requirements, all of which have had positive results in this area.

The majority of people with mental health problems have the skills and ability to manage their finances and with the right therapy and support can turn things around for the better. Christmas can be a trigger for debt problems and often employees hide their financial problems, as they feel alone and ashamed. 

Let’s be mindful in 2020 and support our employees and colleagues to work towards financial freedom and stronger mental health. We can help reduce mental health-related sickness in your workplace. 

 Call the team to find out more 01282 479 929

 

Sources:

https://www.mind.org.uk/media/273469/in-the-red.pdf

https://moneyaware.co.uk/2013/05/your-relationship-your-debt-and-your-mental-health/ 

https://www.ft.com/content/1ea8527a-5464-11e9-91f9-b6515a54c5b1

 

With the PH7 EAP plan, your employees will have access to 24/7 mental health support line, face-to-face counseling sessions and full digital support with the online health e-hub app.

We can help you to boost your productivity levels and reduce mental health-related sickness in your workplace. Here’s to a full and happy team returning to work in 2020!!