|
Debt is having significantly negative effects on the nation’s mental health, a leading charity has revealed. Mental health charity Mind’s recently published study, In the red: debt and mental health, was conducted by the Royal College of Psychiatrists. The study results, which involved an online and postal survey of 1,804 residents in England and Wales, is reportedly the first of its kind to specifically look at the link between mental health problems and debt.
"UK personal debt stands at a staggering £1.4 trillion but the real cost here is that on our mental health,” said Paul Farmer, Mind’s chief executive. “Money worries aren't just keeping people awake at night; they are causing high levels of stress, depression and in some cases self harm and suicidal thoughts. At a time when people across the country are anxious about their finances, debt-depression is a real and growing concern."
The research further incorporated qualitative data from 56 people in eight focus groups. Of all the respondents, each of whom were experiencing debt and mental health conditions, 924reported cases of problem debt, which was noted by the research team as meaning being behind in a bill payment for two consecutive payments in the last 12 months.
“Previous studies have simply included reports on people with 'debt',” the charity noted in their recent press statement. “Mind's survey uses a more robust definition of 'problem debt'. As the credit crunch hits and the cost of living soars, this worrying new evidence shows the extent of debt's impact, with over 50 per cent of respondents going without food and heating.”
The research team found that 91 per cent of those with problem debt said that debt had worsened their mental health. The team also reported that those with mental health problems are close to three times more likely to be in debt. Often individuals suffering from poor mental health are trying to survive on low-income, and may be unable to work due to stigma.
Additional, worrying data collected by the team indicates that 71 per cent of the respondents studied ran out of money every week or most weeks, that 87 per cent of the respondents rely on credit to pay for food and everyday costs, that 56 per cent had gone without food due to debt, that 51 per cent had gone without heating, and that 92 per cent reported feeling unable to socialise.
Perhaps compounding the staggering statistics, more than 50 per cent of the group studied was living on a weekly household income of less than £200, defined by the government as 'living on the poverty line'.
"People living with mental health problems are particularly vulnerable to being trapped in a cycle of debt and poverty,” added Farmer. “With many unable to work due to ill health, Mind has found that people are becoming dependent on credit to pay for everyday essentials. Those on lower incomes are also more likely to only be able to get credit from lenders who charge astronomical interest rates. This is a worrying trend as people are left facing a debt mountain that they have no means to repay."
The study found that many individuals felt “harassed to breaking point,” noting that 83 per cent of those who told creditors about their mental health issues continued to be pressed regarding repayments. The team found that one woman was called every 15 minutes during a 13 hour period. Less than 1 in 3 people with problem debt informed those two whom they were indebted of their mental health problems because they did not feel that they would be understood or even believed (63 per cent and 47 per cent, respectively). A total of 34 per cent of people with problem debt did not seek advice for their debt problems, often because they felt that they had nowhere to turn. By: Nat A
Article Source: www.ArticlesBase.com
|
