How Debt can have a huge impact on your Mental health by Ian Sims

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(image: Money Under 30)

With the coronavirus outbreak, it is a worrying time for many of us financially. With that in mind, today we would like to share this about debt and mental health: 

Worries about money can hugely influence your overall wellbeing. A study conducted in 2019 showed that 9.5 million people in the UK have issues with their mental health, in direct relation to money woes, whilst a staggering 18 million worry about lack of money daily (source:N26).

How mental health impacts your finances

Research conducted by National Debtline indicates that approximately one in four adultswill experience an issue with their mental health within any given year. It is worth noting mental health incompasses a range of conditions and experiences, including:

● Anxiety

● Depression

● Bipolar disorder

● Phobias

● Schizophrenia

● Dementia

It is also worth highlighting that having a mental health issue or condition does not automatically mean you will struggle with finances or debt. However, it may make it harder to deal with. Research indicates that around half of all adults in the UK who are having debt problems also have a mental health issue (source: National Debtline).

It can causes a vicious cycle of problem health and finances

Unfortunately, feelings of stress, anxiety and even depression relating to growing fears about lack of money can lead to a vicious circle. It can impact your finance management abilities in a variety of ways. For example, serious anxiety or depression may cause you to lose energy or avoid your debt entirely. This may lead someone to avoid keeping up to date of their finances.

Problems with mental health could also affect finances if it means that it reaches a serious point where the person is required to take time off work. Depending on their individual circumstances (such as whether they are entitled to sick leave or not) this could mean a sharp reduction in their income. Unfortunately, this might have the unintended impact of making their mental health worse.

Other signs that debt is causing an impact on one’s health mentally include:

● Become overwhelmed or sick at the thought of the debt you are in

● Starting to withdraw completely from family and friends due to debt anxiety

● Symptoms of preexisting mental health conditions such as depression, are worsening

● Struggling to eat properly

● Struggling to sleep

● Regularly underperforming at work

What you can do if you are in debt and struggling with mental health

Do not suffer in silence, there are a number of places you can turn to that are confidential and free. This includes services such as the Samaritans or Mind. There are also debt charities dedicated to providing advice on how to get out of your debt, such as StepChange and National Debtline.

If you are looking to lower or consolidate your debts, you can look at debt management companies, but please note that they make take a fee for using their services

If you need help in the current crisis with getting Universal Credit or other welfare benefits for job loss or want to know more about managing your finances, check out the government and money websites such as MoneySavingExpert by Martin Lewis.

This blog was written by expert and freelance writer Ian Sims.

 

 

How to reduce Stress and maintain Mental health during a Divorce: Guest blog by Luci Larkin at Woolley&Co

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(image: https://sasforwomen.com/divorce-quotes-inspirational/)

Going through a divorce or relationship breakdown can be one of the most stressful situations a person can find themselves in. You lose your friend, partner, confidante and have to adapt to living as a single person, often as the primary carer of children. 

This is a time of extreme and mixed emotions made more complicated by the stresses and worries of legal and financial considerations as well as having to support and counsel any children that may be involved and suffering too.

With mental health problems on the rise and divorce being listed as one of the leading contributors, Luci Larkin from Family Law Solicitors, Woolley & Co, explains how you can reduce stress during such a turbulent time in your life.

“If you have decided your marriage is over you will most probably want to make the whole process of divorce as painless as possible. Contrary to public perception not all divorces have to involve outright war leaving a trail of destruction and despair.

Every individual going through a relationship breakdown will deal with this in their own way. Some prefer to carry on as though nothing has happened, others find it cathartic to talk to someone about their problems.”

It’s fair to say that anyone going through a separation or divorce is going to experience a series of emotional stages post-breakdown. These could range from anger and depression to fear and frustration. All perfectly normal feelings and reactions to an emotionally difficult situation. It’s important to recognise these feelings but to try and stay positive. 

Sometimes the support of friends and family is enough to see a person through, others may need more help such as counselling or medical advice.

With the right divorce lawyer you should be able to resolve a divorce sensibly enabling you and your children to move on with your lives in the most amicable and constructive way.” 

So what is the secret? 

Divorce lawyers’ tips for a less stressful divorce

Luci explains, “As tempting as it is to take advice from your best friend or the “know it all guy” in the pub it’s really important to seek proper professional advice. Couple this with my 5 tips below:

 

  1. Talk to a family lawyer who is ideally a member of Resolution committed to resolving disputes in a non-confrontational way.
  2. Listen to the professional advice given to you and try to act upon it. Always negotiate before you litigate. Compromise is the essence of any agreement.
  3. Inevitably there will be disagreements with your spouse but try to keep emotions under control and avoid verbal abuse and threats. This will simply lead to them becoming difficult and inflexible. You do not want a war.
  4. Try to avoid involving the children or using them as a pawn. They are innocent in this situation and they will need the love and support of both parents. Ideally sit down and agree a parenting plan.
  5. Think about timing. You may have been thinking about a divorce for years whereas your partner may only have received the news a matter of weeks ago. Expecting your spouse to discuss future living arrangements at a time when they are still reeling from the news that you want to end the marriage, may be unrealistic. You might have to slow down for a while, be patient, and wait until they are ready to move things forward.”

Whilst getting a divorce is clearly not an ideal situation it does not have to be a time consuming, stressful, unpleasant money pit.

Sensible advice coupled with calm cooperation can help to ensure the experience is as painless and cost effective as possible but more importantly that you and your children can move forward with your lives in the best possible way.

Luci is an experienced and approachable divorce and family solicitor with Woolley & Co, based in Barnet, Greater London.  Her working mantra is to establish what clients want and move towards achieving that outcome as quickly and as cost-effectively as possible. 

 

How stressed are UK Students in 2019? Guest post by the Natwest Student Living Index

 

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(Image: Natwest Student Living Index)

The NatWest Student Living Index 2019 has launched recently,  delving into both stress and mental health for students at university.
https://personal.natwest.com/personal/life-moments/students-and-graduates/student-living-index.html

University-age students are more engaged with mental health and wellbeing than ever, and the study found that 1 in 4 students are very satisfied with their university’s mental health support.

Other noteworthy findings from the survey include:
• 71% of students say that their university offers affordable health and wellbeing programs (gym classes, yoga, meditation, mindfulness)
• 40% of students are concerned about their financial situation following university
• 45% of students find their university degree stressful
• 1 in 4 UK students find managing money stressful

The 2019 NatWest Student Living Index revealed that close to half of all UK students feel
extremely stressed by their degree studies. 1 in 4 students in the UK described managing their money as extremely stressful, while only 6% felt they received sufficient money management support from their university on average.

NatWest’s Student Living Index 2019 asked students from 35 top university cities about all aspects of student life, including the amount of wellbeing and mental health support on offer for students at university in 2019.

Is their degree the cause of the stress? On average, 45% of students in the UK feel extremely stressed by their degree  Cambridge (60%) and Durham (57%) students are the most stressed by their degree studies.
Have Universities supported students with mental health resources?

1 in 4 students are very satisfied with their university’s mental health resources, while 71% said that their university offers affordable health and wellbeing programs.
Interestingly, while students in Poole feel the most stressed by money management, the city also came last when students were asked about the availability of affordable well-being programs:

 53% of students in Poole said their university offers affordable well-being programs, this is the lowest ranked city and 18% below national average.

 Less than 1% of Students in Reading and Stirling feel supported by their university when managing their finances.

 94% of students in Aberystwyth feel their university offers affordable well-being programs

Are you a student in the UK? Read more about the findings here:  https://personal.natwest.com/personal/life-moments/students-and-graduates/student-living-index.html