New report confirms link between money and mental health for people in Bucks

The link between money and mental health has been clearly highlighted in a report published today (Tuesday, March 7) with 92 per cent of respondents saying they felt that money impacted their mental health.

The Money and Mental Health Research Report was jointly commissioned by Citizens Advice Bucks with Bucks Mind, to explore how the two charities can work together to help those affected by the cost of living crisis.

The relationship between finances and mental health is something both charities have long been aware of, and is something they see every day.

CEO of Citizens Advice Bucks, Thalia Jervis, said: “Working with Bucks Mind is a great opportunity. We all know that money issues can have negative effects – our volunteers hear this all the time.

"Having a report that gives a voice to the people of Bucks is so important. It also highlights where we could be doing more and will be used to inform our future service design.

"The report makes for sad and salutary reading – but demonstrates just how important the work is that we are doing.

"We want to tackle the feelings of stigma about asking for help and provide them with the advice and support they need to get back on track.”

The research asked people in Bucks how they felt about their money problems and what might stop or encourage them to ask for help. It also explored what support people would like to see in services available to help.

In addition to the overwhelming majority of respondents feeling that money had a negative impact on their mental health, people also felt angry about their situation, and that there was significant stigma around money – such as feeling judged around how you spend money, embarrassment with not being ‘successful’, being able to provide, or being seen as a ‘scrounger’, and shame in getting support and losing financial independence.

The report highlights the need for services that help with money issues and mental health to have direct human contact, for example face to face or by phone. Access to practical help and information that is relevant to their financial concerns as well as a welcoming, non-judgmental, safe space to talk about their feelings.

Chief executive of Bucks Mind, Andrea McCubbin, said: “Together, Citizens Advice Bucks and Bucks Mind are committed to finding new solutions and additional support to tackle our community’s money worries and matters which directly impact mental health and wellbeing.

"This will not be an easy task, but the report’s findings illustrate just how important it is that we work together to provide the support that so many people desperately need.”

The report can be read in full here.

Citizens Advice Bucks is a charity that can provide free, confidential support and advice to anyone who is struggling.

Bucks Mind is a mental health charity promoting wellbeing and recovery, offering talking therapies and providing support in times of crisis in Bucks and East Berks.