Money and Mental Health: The Unspoken Link 

Money worries are one of the biggest causes of stress, anxiety, and even depression. Whether it’s struggling to pay the bills, feeling overwhelmed by debt, or worrying about the rising cost of living, financial concerns can take a serious toll on our wellbeing. Yet, despite its impact, money remains one of the most difficult things to talk about. According to Mind, nearly half of people say their mental health has been impacted by the cost-of-living crisis, with more than one in five feeling stressed, anxious, or depressed.

The relationship between financial struggles and mental health is intrinsically linked. Experiencing mental health problems can make it harder to earn money, manage spending, and access fair financial products and services. And experiencing financial distress can affect your mental health.

Many of us were raised to believe that talking about money is taboo, something to be kept private. But staying silent only makes financial stress worse, leaving people feeling isolated and ashamed. Let’s challenge that mindset and start opening up about money and mental health. Here are some ideas of how we can start:

Creating Safe Spaces for Money Conversations Just as we encourage open conversations about mental health, we should do the same for financial wellbeing. 

Check in with colleagues and friends – A simple “How are you doing?” can open the door to a deeper conversation about financial stress.

Normalise talking about money – Sharing our own experiences, whether it’s budgeting tips or financial challenges, helps break the stigma.

Signpost to support – Many people don’t know where to turn for financial guidance. Directing them to trusted resources can make a huge difference, you can find some resources here: Trusted Money Resources

Encourage financial wellbeing initiatives – Employers can play a vital role by offering financial education, training, and access to financial coaching or support services.

Empower workplace money champions – Training individuals within an organisation to be financial wellbeing advocates can create a culture of support and openness around money conversations.

Small Conversations, Big Impact Talking about money doesn’t have to mean sharing every detail of your bank account. It’s about creating an environment where people feel comfortable seeking help and support without fear of judgement.

If you’re struggling with any aspect of your finances, reach out for support. Organisations like Mind, StepChange, and the MoneyHelper service provide free and confidential financial and mental health support.

Let’s not just talk about mental health – let’s talk about money and mental health. Because when we break the silence, we break the stigma. And when we talk, we heal

Are you open to talking about money and mental health? Share your thoughts in the comments below.