Debt Concerns Linked To Mental Health Problems

Tue, 01 Jun 2010

New research has revealed that people who are in debt are more likely to suffer from mental health problems such as depression .

Researchers from the Nottingham School of Economics examined information from the Families and Children Survey, which questions around 8,000 people a year on a number of issues including finances and health .

They found that 13 per cent of respondents who reported debt concerns and 17 per cent of those reported financial stress said they were also suffering from psychological problems.

Professor Richard Disney, who carried out the study together with Dr Sarah Bridges, warned that the number of people with mental health concerns is likely to rise as many Britons struggle to cope with credit crunch-related debts .

He commented: "The credit crunch has undoubtedly increased the risk of debt problems, as figures on mortgage arrears and repossessions show. In such circumstances it's no surprise that the incidence of mental health problems and psychological stress has also increased."

"We have figures that show more and more people have been seeking advice from counselling agencies and from friends and relatives."

Professor Disney added that money owed to relatives, friends and money-lenders were the biggest causes of financial stress whether payments were overdue or not.
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