Anxiety and stress on the rise among UK adults as money concerns pile up
Mental Health Awareness Week runs until May 21 and focuses on anxiety this year, something many people facing financial difficulties will sadly be familiar with. When people struggle with money issues, anxiety levels can escalate quickly with each missed bill or unexpected expense only adding to the strain.
They may feel afraid to check their bank balance or open bills sent by post, feel guilty about spending or ashamed to ask for help. This can lead to feelings of anxiety or irritability around family members, problems at work or feeling isolated or lonely if they shut themselves off from social interactions.
Talking therapies on the NHS, such as counselling, guided self-help and cognitive behavioural therapy are effective ways to treat symptoms of anxiety, depression or panic. The service is confidential, with patients able to refer themselves directly without going through their local medical practice, with options for one-to-one or group help.
Sometimes the easiest things to fix can be causing the most anxiety, such as a missed bill payment that you could perhaps dip into your savings to clear. As hard as that may be if the money was being saved for a specific purpose, it will instantly erase the fear that comes with defaulting on a bill. This tells you whether you are living within your means. If you are spending more than you earn, cut expenses from your ‘wants’ list first. Food bills can be trimmed by switching to a cheaper supermarket, a car can be traded in for a cheaper model without finance or a holiday switched to the UK rather than overseas. There are always ways to live more frugally.
Step five: Double down on your debts If you have missed bills or fear you might do so soon, contact the providers and ask for their help. Ignoring default letters will only exacerbate the situation. By being open and honest, your creditor will offer options to reduce payments in the short term and hopefully develop an affordable repayment plan to help you catch up on missed payments.
Step six: Get help for free Organisations such as Citizens Advice, the Debt Advice Foundation and StepChange Debt Charity offer free advice on repaying debt and managing money. The support is confidential and includes guidance on creating a budget or debt management plans tailored to your situation - where they step in and liaise with your creditors on your behalf.
Step seven: Make a plan to stop the same situation from happening again Once you have a handle on your financial stress, set out a fresh strategy for the future to ensure you don’t face the same issues again in the future. Set up your finances so that you have enough in your current account every month to cover essential bills, as well as access to emergency funds to cover any surprise expenses.
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