From ‘Young Minds’
How can money problems affect mental health?
Worrying about money or experiencing poverty might affect a young person’s mental health in a number of ways, including:
Anxiety or panic attacks triggered by bills, benefits assessments, debts etc.
Social isolation or loneliness due to not having money to do things they enjoy
Depression caused by poor living conditions or being unable to afford necessities such as medications, counselling, adequate food or heating
Feeling stressed
Feelings of fear, shame, guilt (about any spending), being overwhelmed or having low self-esteem
How can having a mental health problem affect finances?
If a young person has a mental health problem they may:
Lack motivation or feel unable to manage finances, budget or pay bills, so that debts or problems build up
Act impulsively, spending too much or making decisions they haven’t thought through
be less able to study or work so that income reduces
Incur extra costs e.g. transport, therapy, medication, care or higher domestic bills due to being at home