One in six debtors seeking help from PayPlan experience depression because of debt, according to a study by the debt advice provider.
In a survey release to coincide with Mental Health Awareness Week (May 8 – 14), PayPlan called for more to be done to end the stigma surrounding financial difficulties.
The debt advice provider carried out a study last year and found 82 percent of its customers suffer from anxiety, 91 percent from stress and 62 percent from insomnia – all of which stemmed from their debt problems.
It also found that less than one in five people would admit their money worries to friends and family. PayPlan said the majority of those in need are isolated and do not receive the support they need.
Further research by life, pensions and investment company Scottish Widows found 40 percent of people in the UK’s health has suffered due to financial concerns.
The company carried out its Retirement Report with YouGov this year and surveyed 5,000 people in the UK.
It found nearly half of those surveyed said money worries had an impact on their personal relationships and 39 percent had concentration issues at work because of money problems.
Jane Clack, money adviser at PayPlan, said: “Mental health and money worries do not discriminate, these issues affect people across all demographics, no matter their age, race, class or background.
“The most important thing to do if you find yourself in this situation is to reach out for help – whether that’s a friend, family member or a debt advice provider.”