How Financial Planning and Mental Health Are Linked

There are many reasons why financial planning and wellbeing are linked. The impact of physical illness is clear as it can mean the individual is physically unable to work or care for themselves.

But what about mental illness? Given that one in four of us will suffer from a mental illness at some point in our lives, the link between mental wellbeing and financial health needs to be discussed.

Most people don’t find it easy to talk about their mental health and it is estimated that around two thirds of people with a mental health condition are not seeking treatment. This is worsened by the fact that those with mental health difficulties often still face doubt, discrimination and blame for their problems.

Those with money concerns face many of the same issues, so it is no surprise that financial planning and mental health are interlinked.

How Your Finances Can Affect Your Mental Health

Financial stress can be a major contributor to mental health problems. For example:

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Worrying about debt or running out of money.

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Money worries can impact on self-esteem.

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Having to stay in a toxic workplace because you need the money.

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Remaining in a difficult or abusive relationship due to financial dependence.

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Being unable to take time off work even if you really need to.

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Avoiding socialising and becoming more isolated.

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The stress of dealing with banks, debt collectors and the benefits system.

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Being unable to make beneficial lifestyle changes due to a lack of time or resources.

All of these factors can be stressful at the best of times. They can be devastating for someone already struggling.

How Your Mental Health Can Impact Your Finances

The relationship between finances and mental wellbeing is cyclical. Those having difficulties with their mental health often find there are financial consequences. For example:

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Not opening bills or dealing with issues as they arise. This can lead to further anxiety and worsen the problem.

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Compulsive overspending as a distraction or comfort.

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Feeling unable to cope with financial matters and letting things spiral out of control.

All of these factors can be stressful at the best of times. They can be devastating for someone already struggling.

How Financial Planning Can Help

While financial planning doesn’t have all the answers, it can help you take control of your life and address some of your anxieties.

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Where to Find Help

Below are some links to organisations who may be able to help:

Citizens Advice


Help with Benefits:

Turn 2 Us

The Trussell Trust

Help with Debt:

National Debtline

Emotional Support:


The best investment you can make in your financial future is yourself. Taking care of your health, both physical and mental, is the first step towards achieving your goals.

Please don’t hesitate to contact a member of the team if you would like to find out more.

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Speak to a member of our team on 020 7388 7000

Please don’t hesitate to contact a member of the team to find out more about financial planning.