Money Matters for Mental Health Awareness Week
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There’s not a person in this world, we don’t think, who hasn’t experienced some worry or anxiety about money – how much they have or don’t have, how to best save what they can or what to spend it on.
It doesn’t seem to matter your background or current financial status – we all seem to have had money worries at some point.
Mental health awareness is thankfully becoming more widespread all over the world, and in the UK, we are encouraged to take time to reflect during Mental Health Awareness Week, which this year runs from 15-21 May.
So, let’s take a BIG breath, settle down with a cup of something good, and begin to feel better about our money and our relationship with it.
What the numbers say about mental health
Financial worries, if left unchecked, can affect our mental health and our ability to cope in life.?
According to the?Money and Mental Health Policy Institute , people with mental health issues struggle more with money than those without such conditions and are three-and-a-half times more likely to be in problem debt.?
The survey also found that the statistics were very much skewed in terms of gender: women were 7% more likely to struggle with paying bills than men.
Younger people with mental health problems are also more likely to be in financial situations that worry them: 63% of people aged 18-34 surveyed by the Money and Mental Health Policy Institute said that thinking about their financial situation makes them anxious.
It seems these feelings don’t suddenly decrease as you get older.?According to the survey , 54% of people aged 35-54 and 44% of people aged 55-65 who had mental health issues said the same thing: money was a source of anxiety for them.
The Institute’s survey makes for eye-opening reading, but if your mental health is affected by money worries, it proves you are not alone.
The Institute’s calls for urgent action are a ray of light in what can be very dull days for people with financial anxiety.
They’re pushing for banks, utility companies and the NHS, among others, to make their services more accessible for people with mental health issues – great news for anyone struggling with accessing the support they need.
SmartPurse’s report links women’s financial wellness and mental health
SmartPurse’s own study found some interesting insights into women’s financial journeys, and, no surprise, mental health was an apparent factor in financial wellness.?
The?SmartPurse Barometer Report , an online survey that spoke to women between 2019 and 2022, found that women’s financial confidence takes a hit in many areas of their lives.
Thankfully, overall financial confidence is on the rise, but financial resilience in terms of future plans is way down. Many women have not adequately planned for their retirement, causing stress and anxiety about their futures.?
Of those surveyed, 33% had no retirement plan at all, and a whopping 46% rated themselves as below average in knowing their future plans for the next one, five and 10 years.
To read more about women, finance and mental health,?download the full report for free here .
????A date for your diary????
Join us on May 17th for an exclusive FREE webinar featuring the incredible Laura Ann Moore, the mastermind behind?Mind Money Soul .?
Prepare to transform your money mindset and discover the secrets to cultivating a positive financial relationship.
Sign up ?now and embark on a journey to revamp your approach to money.
Check out the schedule for our upcoming events and secure your spot now before it's too late.?
And the best part? Our webinar series won't cost you a dime, and you'll get one month of free access to our Money School! Pretty cool, huh?
Nurturing a healthy relationship with money – steps to reduce your anxiety
Here at SmartPurse HQ, our work is to help and support you to make positive steps towards financial freedom. We want to help you access the support you need before your finances become a problem you feel you can’t escape.
Empowerment comes with knowledge, so here we’ve put together our tried-and-tested top tips to invest in yourself and your mental health.?There’s nothing too complicated here – simple actions can make a big impact overall.
So here goes:
???We'd like to say, 'Speak to your bank manager before your situation gets too dire', but we know that when you're suffering with your mental health, there are often barriers that prevent contact with banks and building societies. If you can, take a trusted family member or friend to support you when you ask for your bank's help. Many banks have web pages about money and mental health, so they would be a good place to start.
???If a debt is causing you anxiety, get some breathing space. No, literally: it's a UK government-backed scheme that gives individuals time to get debt advice and work out a way to move forward without incurring additional charges. You can check their guidance?here .
???If you do have money, make it work harder for you. Move it (even if it is only a little to start) to high-yield savings accounts to create a buffer. It's amazing what this one tiny step can do to help you feel more secure. And when you can save more, look for support to guide you with investing your cash.
???Try to keep an eye on your outgoings. We know this can be a major source of distress, but get some help to see if you can reduce your outgoings by getting rid of subscriptions and other direct debits you don't need. When you have the resources, you can always resubscribe.
???Get help with a new budget. Plenty of individuals can help you set up a water-tight budget so you can examine your money mindset, pay down debt, and start saving. Check out our expert Ilana below (or sign up for our?FREE?money mindset webinar ).
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Where can I get support?
If your mental health affects how you live your life, seek help. There are wonderful groups and charities out there to support you. We've listed some of the many places to access the help you may need.If your mental health affects how you live your life, seek help. There are wonderful groups and charities out there to support you. We've listed some of the many places to access the help you may need.
The?Mental Health Foundation ?runs Mental Health Awareness Week, and their website is?packed with help and advice.
Remember, if you or anyone you know is not coping well, whatever your situation, the NHS is there to help. Call 111 from any phone and select option 2.
Figure of the Week
24% of adults with mental health issues?also have a problem with debt
In a report carried out by the Money and Mental Health Institute, a quarter of people surveyed who had mental health issues also had problem debt.?
And once these two factors meet – mental health?and debt – it's a difficult spiral to get out of.
Mental health issues often mean that you lose sight of keeping up with money management, but the debt itself can cause or exacerbate mental health issues.
However, don't despair. There are many places we can all go for help. Keep this email close to hand so you have the links you need when (and if) you need them.
SmartPurse's Money School app
SmartPurse's Money School is a great way to kick off a positive money mindset.
Our early modules are all about creating a good relationship with your finances and teaching strategies to move from 'meh' to 'give me more'!?
You only need a few minutes a day to work through the course. What's not to love when we have busy lives?
You can take our?quick and easy quiz ?to find out where you are in your relationship with money.
Meet the expert –?Ilana
Ilana is a certified mindset money coach, NLP practitioner, and founder of Mindful Money Coaching.?She specialises in helping women in business work to free their money blocks, which she believes permeates not just their business but the whole of their life.?And she doesn't just talk about it – she lives it, too.
Ilana says:
"Having undergone my own money coaching transformation, I’m a coach that?really walks to the talk in every way. I’m extremely passionate about my work and my clients, and I?love going above and beyond in supporting their ongoing transformation."
To find out more about Ilana, and the support she can offer,?click here .
Don't miss Jrny's free webinar, 'Understanding mortgages'!
Are you ready to learn how to navigate the mortgage application process with ease? Jrny's latest?free webinar?has got you covered!
Led by expert mortgage advisor?Michelle Leyland, this webinar covers everything you need to know about mortgages, from the basics to more complex aspects of borrowing money.
During the webinar, you'll learn how to choose the right mortgage and lender, calculate how much you can afford to borrow, and prepare for the mortgage application process. You'll also have the chance to ask questions and participate in a?live Q&A session.
In addition to Michelle's presentation, our very own co-founder,?Olga Miler, will also speak about the importance of financial literacy and how it can impact your journey towards homeownership.
Sign up now to secure your spot in Jrny's free webinar! Register now!
Money Inspiration?@smart.purse?
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