Credit, Collections & Insolvency News
A new repor from charity Mental Health Innovations, has revealed the extent that the cost-of-living crisis is having on the mental health of the nation. A third of those who are struggling with financial difficulties also tell us they have suicidal thoughts.
The report analysed data from two million text conversations over five years, taken by its 24/7 helpline Shout and found that the cost-of-living crisis is now the main issue in around 50 conversations per day. That’s around 18,000 conversations over the course of 2023.
IE Hub, an online budgeting tool that is partnering with Shout, has also found that energy debt of its users has increased by 59% during the cost-of-living crisis, so from 2022 to year to date.
Mental Health Innovations runs the UK’s only free text help support service, Shout, which is available 24/7 for those who are suffering a mental health crisis or need support due to stress or anxiety. The Aviva Foundation has given MHI funding to improve the support Shout can give to those whose financial wellbeing is suffering.
More than a third of texters also shared a deep sense of loneliness due to the strain of the cost-of-living crisis, and around half said that it led to major stress and worry for them. In about a third of these conversations, the mental health of those seeking support is being exacerbated by their financial situation.
The report reveals found that data analysis shows that demand for Shout is highest from people living in the most deprived regions of the UK, based on the Index of Multiple Deprivation. 25% of texters under the age of 18 are in receipt of free school meals. Those living in poverty are more likely to develop mental health problems than their peers and least likely to have access to effective support.
Half of texters who have financial difficulties experience stress and worry and 36% struggle with suicidal ideation. More men (29%) contact Shout about financial difficulties, than women (18%).
68% of texters contacting Shout about financial issues are 25 and over, while 6% of those contacting the charity about financial concerns are aged 17 and under. Due to the sensitive nature of their concerns, people in financial difficulty specifically seek out Shout’s accessible, text-based mental health support as 50% want to talk to someone they don’t know and 48% are more comfortable texting than speaking about how they feel. People contacting Shout with financial concerns, 87% said their conversation was helpful and 65% said they felt calmer after their conversation.
Victoria Hornby, OBE, CEO of Mental Health Innovations said “Every day, around 50 people reach out to Shout for mental health support due to financial issues, and we know that there are many more people who are struggling and in need of help. Our data enables us to provide information to our partners, academics, charities and statutory services that will be critical in informing responses to the challenges many in the UK are currently facing, due to the cost-of-living crisis. These unique insights also increase our Shout Volunteers’ and clinicians’ understanding of the unfolding situation and enhances their ability to support Shout’s texters with updated resources and specialised support.”
Dylan Jones, CEO of IE Hub said “The report’s findings highlight how important it is to get help and talk to someone when you find yourself in financial difficulties. Debt can be debilitating and can really take its toll on both your mental and physical health. We at IE Hub are proud to be partnering with Mental Health Innovations to help provide practical support to people whose mental health is being impacted because of their finances. Many people come to us for support in managing their money and paying off debt and almost 70% of IE Hub users find they are entitled to an additional £433 per month on average. Partnerships like this are so important to us, allowing us to help people take control of their finances and ultimately improve their mental health.”
Sam Graham, Technical Manager, Cadent said “Services like Shout can act as a lifeline to a person experiencing difficulties with their mental health. Shout’s text message support offers our customers and colleagues who would not normally be comfortable speaking with a mental health advisor a way to seek help via an anonymous service.”