Worrying Levels of Personal Debt in Wales Affecting Our Mental Health – Mental Health Foundation

Mental Health Foundation survey finds:

• More than one in three adults in Wales feeling anxious (32%) or stressed (31%) about their own financial situation
• More than three in ten (32%) worried about paying their household bills.
• More than a third of adults in Wales (35%) are concerned about not being able to heat their homes in the next few months
• More than one third (36%) of adults in Wales have taken on unsecured debt in the past 12 months due to the rising cost of living, with one in 10 (11%) accumulating debts of more than £3000.

The Mental Health Foundation has revealed the worrying number of people taking on personal debt to pay essential living costs and warns of the possible mental health impacts of rising costs on people across the country.

The charity carried out a survey of 1000 adults in Wales in November which shows the impacts of the cost of living are being widely felt, with three in 10 respondents feeling anxious (32%) or worried (31%) about their financial situation.

More than one in three  (36%) of adults in Wales have taken on unsecured debt in the past 12 months due to the rising cost of living. One in ten (10%) had accumulated debts of more than £3000. Additionally, three in every five adults who had taken on unsecured debt (59%) were very or slightly worried about their ability to pay this back.

The charity says this is unsustainable and it is concerned about the impact this could have on the mental health of people in Wales. It says that living in poverty and / or debt, especially unsecured debt, can lead to an increase in mental health problems like anxiety and depression.

The Mental Health Foundation is calling for urgent action from government to protect the mental health of people in Wales from the threat of financial strain and poverty.

Jemma Wray, Head of Wales at Mental Health Foundation, said: 

“We know poverty and financial strain are among the main drivers of mental health problems. Our survey clearly shows people’s mental health is suffering due to their financial situation; there is an urgent need for support from government to help people in debt and those worried about being able to afford essentials like heating their home this winter.

“We live in one of the richest countries in the world but more than a third of adults in Wales (36%)  are worried about having enough money for heating over the coming months.

“As well as short-term support, we need longer-term solutions to ensure people have an income that will at least cover the basics.  Many are still struggling to make ends meet. We need investment from government that protects the mental health of people living here.

“The single most important action by governments will be financial support schemes that prevent people from experiencing poverty and financial stress. Well-resourced and accessible debt relief and money advice services will be key in protecting people’s mental health in Wales.

“We also know how important groups and initiatives providing opportunities for people in the community can be. We ask for extra, fast tracked funding for initiatives that support people in their local communities across Wales,. including social opportunities like tea and coffee mornings for older people, arts for mental health, or sport clubs and community groups. These initiatives can protect mental health.”