Money
Money is a huge source of stress for a lot of us at the moment. Many people of working age are facing job loss or cuts in hours and wages. Those of retirement age are seeing their pensions and savings decline or disappear all together.
The link between Depression and money problems
Coping with financial problems
Help and support
The link between Depression and money problems
- Money problems can cause Depression, anxiety or stress. Research by the Scottish Association for Mental Health (SAMH) has found that people affected by the credit crunch are eight times more likely to report symptoms of Depression and five times more likely to be anxious. Over half of the people who responded to our poll on www.lookokfeelcrap.org, said they felt bad because they are directly affected by the credit crunch or that all the bad news was making them feel worse.
- Depression can be bad for your bank balance. Many people who are depressed may not be able to work or may have to take time off sick. In addition, Depression can make it harder to deal with those difficult bills, speak to bank call centres and do all the tasks necessary to manage your finances.
Coping with financial problems
We’re not money experts (for professional advice contact one of the organisations below) but here are some tips that people have found useful.
- If you ignore money problems, they will not go away and they will probably get worse. It can be very stressful to get official letters, particularly if they are bringing bad news or asking for money but don't let them build up unanswered. If you don't feel you can tackle them yourself, is there a friend, family member or health care worker who could help you open them? A mental health advocate may be able to help you deal with the people you owe money to; contact the Scottish Independent Advocacy Alliance (SIAA) to find out about advocacy in your area.
- If you are in serious debt, the best way to get out of it is to face it and get help to resolve it. Like Depression, debt is beatable with help and support. Taking the first step can be hard but it is well worth it. You could start by contacting a money advice service like the National Debtline Scotland, the Scottish Debtline or Citizens Advice. Their advice is free, unlike the debt consolidation companies who advertise on the television and in magazines and newspapers. Money Advice Scotland has details of money advice services in your area on their website.
- Check your entitlement to benefits. Are you claiming everything you are entitled to? Speak to a welfare rights advisor at one of the organisations listed below.
- If you've got problems at work, visit our page on employment for more information and sources of support.
Help and support
Citizens Advice
Citizens Advice offers advice and information on a variety of matters including benefits, debt, employment and the NHS. Call Citizens Advice Direct on 0844 848 9600 for advice or visit your local Citizens Advice Bureau which can be found on the Citizens Advice Scotland website.
Scottish Debtline
The Scottish Debtline is part of the Consumer Credit Counselling Service which is a charity providing support to people with money problems. Freephone 0800 138 3328 (open from 8am to 8pm Monday to Friday) or email them from their website: www.scottishdebtline.co.uk.
National Debtline Scotland
This is a different charity providing free expert support to people in debt. Freephone: 0808 808 4000 (Monday to Friday 9am to 9pm Saturday 9.30am to 1pm) or email them from www.nationaldebtline.co.uk/scotland.
Money Advice Scotland
The website has details of money advice agencies in your area. The organisation also provides training for money advisors - www.moneyadvicescotland.org.uk.
Benefits Enquiry Line
The Benefits Enquiry Line provides information and advice on sickness and disability payments. It is run by the government but they don't take personal details. Tel: 0800 882 200 Textphone: 0800 243 355
Scottish Association for Mental Health (SAMH)
SAMH provides information on welfare benefits. Telephone 0141 568 7000 (open 2pm – 4.30pm daily), email info@samh.org.uk, You can also download the report about how the credit crunch is affecting people’s mental health from their website.
Scottish Independent Advocacy Alliance (SIAA)
Information about advocacy and details of advocacy organisations in your area. 0131 260 5380 www.siaa.org.uk
Moneysavingexpert.com
Free information about getting out of debt and saving money from TV money expert, Martin Lewis. The site also has a supportive forum www.moneysavingexpert.com.
Depression Alliance Scotland
We can’t advise you on money problems but if you want to talk to us about how you feel, contact us on 0845 123 23 20, email info@dascot.org or visit our contact page.
Page last updated 20/03/09