This article was published on Tue 10 Sep 2019. At the time of publishing, this article was true and accurate, however, over time this may have changed.
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World Suicide Prevention Day 10 September
Tue 10 Sep 2019
Suicide is preventable, it’s not inevitable
High financial stress and mental health are intrinsically linked.
Worrying about money negatively affects people’s mental health and for those people experiencing mental health problems it makes it harder to manage their finances.
It can become a vicious cycle. Research has shown that money worries don’t just affect your personal life, they can also affect your family life, health and work.
According to a survey of 5,500 people carried out by the Money and Mental Health Organisation*
- 46% of people in problem debt also have a mental health problem.
- 86% of people with experience of mental health problems said that their financial situation had made their mental health problems worse.
- Almost one in five people with mental health problems are in problem debt.
- People experiencing mental health problems are three and a half times more likely to be in problem debt than people without mental health problems.
- 72% said that their mental health problems had made their financial situation worse
Many people who are experiencing high financial stress feel unable to talk openly about their situation due to feelings of shame or guilt or fears that it may impact their career.
Problem debt can also be linked to suicide.
According to Money and Mental Health Policy Institute
Over 420,000 people in problem debt considered taking their own life in England last year, while more than 100,000 people in debt actually attempt suicide annually**.
Individuals with multiple debt problems are at a ‘significantly high risk of suicide’ than those with just one problem debt.
Suicide is the biggest killer of men under 49.
Police Mutual are here to help. Our mission is to break down the stigma surrounding debt and get people talking about money.
We’ve teamed up with PayPlan, one of the UK’s leading free debt advice providers, who offer free and confidential advice to anyone in serious financial difficulties.
They’re able to advise you on a range of debt solutions suited to your individual circumstances, helping to protect you and your family with a sustainable way to manage your debt.
Get free and confidential help to combat your debt, call PayPlan on 0800 197
All of our Relationship Managers and Financial Wellbeing Consultants are trained Mental Health First Aiders
Police Mutual Care Line Service provided by Health Assured can offer advice and information at the end of a phone, helping with a range of concerns. To talk to someone please call 0800 028 1708 or take a look at the e-portal –
Health & Wellbeing e-portal
https://healthassuredeap.co.uk/
Username: policemutual
Password: careline
Police Mutual offer a range of wellbeing support services, for more details check out the For You pages on our website www.policemutual.co.uk
* Money and Health Policy Institute report ‘Debt and Mental Health’ Published March 2019
** Money and Health Policy Institute report ‘a silent killer’ Published December 2018
Police Mutual Assurance Society Limited, trading as Police Mutual is an incorporated friendly society Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire, WS13 6QS. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.
Type of article: Articles
Category: Wellbeing
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