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Wednesday, December 8, 2021

Covid debt cycle linked to mental health issues, says charity


People being treated for mental health difficulties should be routinely directed to financial support, a charity has urged.

According to the Money and Mental Health Policy Institute, the pandemic pushed a large number of people into debt, many of whom were unable to access Covid support measures.

It is estimated that 2.5 million people considered suicide as a result of the situation.

GPs and banks could provide guidance on financial matters, according to the report.

According to the charity, mental health issues could lead to decreased concentration or memory problems, making it difficult to manage money in general.

During the pandemic, these difficulties were exacerbated by loss of income and employment, poor health, and problems with benefit payments.

Rob’s situation deteriorated as a result of the pandemic.

“There was no social link.” I couldn’t see my family, who are a huge source of support, because therapy had moved online. “It’s been a terrible year; you can have suicidal thoughts and think, ‘If I did something, no one would know,'” he said.

The 55-year-old went on to explain how rising energy bills exacerbated the situation.

“There are limitations when you spend more money on heating and don’t have money to spend on other things.”

“I’ve had to deal with rising food prices.” I needed to know when the supermarkets put out the discounted food. “It makes you feel ashamed that you have to go to the store at a specific time to get the discounted food,” he explained.

“Shame is a big thing that leads to anxiety and depression, and then you don’t want to get out of bed, you don’t want to eat – the spiral continues.”

According to an institute survey, 37% of people with mental health problems were behind on at least one payment in the previous year, compared to 14% of those without mental health problems.

One in every four people had no savings that could be used for an urgent or emergency expense.

“The pandemic financially split the nation,” said Martin Lewis of Money Saving Expert, who founded the charity. Many benefited – those who had assistance and lower costs frequently saved money.

“Yet for others, it was catastrophic, and it is a national tragedy that a disproportionate number of those in that group are those struggling with their mental health who did not receive the support they needed to avoid crisis point.”

“The government, health professionals, and essential services must step up efforts to keep people with mental illnesses from falling further into financial hardship.” Prevention is preferable to cure and, in the long run, less expensive for the country.”

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