Money makes the world go around… but what happens when it all goes wrong?

According to an article in the Independent last month, the Royal College of Psychiatrists is calling for a £300m investment to fund an ‘unprecedented challenge’ around growing mental health concerns amongst the country’s population[1]. A ‘perfect storm’ of the fall-out of Covid-19 restrictions, international conflicts affecting global food prices and dramatically rising costs of living is leading to more and more of us finding it harder to cope with life’s challenges. Increased numbers of people are accessing help from mental health services as they work to cope with an ever-changing world.

Elsewhere, findings from the Money and Mental Health Policy Institute reveal that those already living with mental health problems are nearly twice as likely to report feeling unable to cope with the recent cost of living crisis[2]. As food and energy prices go up faster than wages increase, more of us are having to make significant changes to our lifestyles in order to meet our bills and ensure that we can feed ourselves and our families.

Worrying consequences

This is not just about cutting out luxuries, either. A lot of people are in the position of having to choose between essentials such as heating the home or producing three meals a day in order to make the money stretch as far as it can. The anxiety and worrying consequences that this situation brings inevitably impacts heavily on people’s sense of wellbeing and fears for the future. Not knowing how to pay the bills when costs rise can become the proverbial straw that breaks the camel’s back when it comes to mental health.

Financially troubling times can often bring with them additional worries and fears around losing paid employment and not being able to pay rent or mortgage payment. This can lead on to wider concerns over losing accommodation and not knowing what to do if you or someone in your family falls ill and needs medical treatment or time off work. Other secondary mental health effects that can stem from financially difficult times include increasing suicide and alcohol-related death rates.[3]

No single solution

One particularly big problem when it comes to tackling financial worries is the sense of shame that some people can feel about not being able to cope with their money. This prevents them from seeking help at an early stage, before mental health worries escalate and really start to have a negative impact on quality of life and physical wellbeing. Many well-intentioned news articles try to help with headline top tips, such as ‘draw up a budget’ or ‘look out for cheaper brands’.

However, this doesn’t always help people with mental health difficulties in the longer term. Especially when people are battling negative feelings around how they think they should be doing better than they are, and worries over how asking for help could be construed by others These types of headlines can make people feel that no-one understands their situation properly, and that one or two simplistic tips will not solve anything anytime soon.

Tackling poor mental health and negative emotions around the rising cost of living takes a more complex approach with all relevant parties contributing for the wider good. For example, employers can make a big difference to those struggling, not just by working out if they can pay staff any more to help them out. Providing access to counselling helplines and financial advisor services can help people take matters into their own hands and start to devise a plan.

Allowing remote working can reduce pressure on transport costs to and from the office. Permitting employees to take personal calls at certain times of the working day to enable them to make appointments, talk to energy suppliers and discuss their financial situation with professionals who can help. Finally, supplying free snacks, hot drinks, water, milk and fruit bowls in the office can help people stay fed and hydrated during the working day without having to dip into their pockets.

Those living with poor mental health right now should also be encouraged to reach out to medical professionals too for support. Doctors, healthcare workers, clinic nurses etc. can all point people in the direction of online resources and physical support services to help them get through the month and protect their mental health while doing so. They can also make referrals to food banks, Citizen’s Advice services[4] and other practical avenues for helping people to manage their money and secure the things they need to feed and look after their family.

Other ways to help protect mental health in these troubling times include switching off from the news for a bit[5]. Plan a specific time of day to check your phone, turn on the TV or read a newspaper to see what’s happening in the world and then switch it all back off again, or put the newspaper away. The constant onslaught of negative news can seem relentless and overwhelming at times. Not being able to alter or affect what’s happening in the world can impact negatively on mental health and make us feel helpless and out of control. Make a commitment to only check the news when you are feeling stronger and more able to digest its contents without it affecting your mental health too deeply.

Finally, look after yourself physically to help protect your mental wellbeing. Help yourself get a good night’s sleep by turning in a bit earlier, putting screens away in good time before bed and establishing a calming wind-down routine, such as a warm bath, hot drink and relaxing music just before turning the lights off. Find someone you trust to talk to when you are worried and take time to think about what’s good in your life that makes you feel happy and fulfilled.

[1] Source: https://www.independent.co.uk/news/health/cost-of-living-crisis-mental-health-uk-b2104963.html. Accessed 22 July 2022.

[2] Source: https://www.moneyandmentalhealth.org/cost-of-living-crisis-and-mental-health/. Accessed 22 July 2022.

[3] Source: https://www.euro.who.int/__data/assets/pdf_file/0008/134999/e94837.pdf. Accessed 22 July 2022.

[4] Source: https://www.citizensadvice.org.uk. Accessed 22 July 2022.

[5] Source: https://www.verywellmind.com/is-watching-the-news-bad-for-mental-health-4802320. Accessed 22 July 2022.