• Understand how your financial wellbeing can be linked to your mental health
  • Know what support you can use when you need help with your finances or mental health

Read time

14 mins

Chapter 1


Read time

2 mins

How you manage your money can impact your mental health and vice-versa, creating a 'vicious cycle'. Mental Health UK explain how to manage your money alongside your mental health.


Your financial wellbeing is directly connected to your mental wellbeing:

  • If you can manage your finances, there is less pressure on your mental health
  • If you can maintain good mental health, you are better able to control and manage your money

Chapter 2


Read time

3 mins

How a mental health condition affects your ability to manage money may differ from person to person. However, there are several common signs to look for to identify if your situation is affecting your ability to manage money:

  • Impulsivity
  • Avoidance
  • Harmful coping mechanisms
  • Motivation
  • Poor concentration

This article explains how living with a mental health condition can affect your ability to manage money and gives valuable and practical tips for improving it.


How can worrying about money impact my mental health?

We know that experiencing debt or general financial difficulties can be a time of uncertainty, stress, and anxiety that can significantly impact your mental health.

Mental health and money are interconnected. Knowing how to look after one can help you look after the other. Learn how worrying about money can affect your mental health, and find strategies to help.

Chapter 3


Read time

3 mins

Your mental wellbeing can impact the way you feel and the way you manage your finances.

Everything from making decisions about the future to how much you're spending weekly and monthly can be affected. It is a good idea to think about your money in tandem with your mental wellbeing.

Mental Health UK have pulled together some tips you can use to manage your finances alongside your mental wellbeing:


1. Manage and maintain your mental wellbeing

Your mental health can be affected when worrying about money, which is why it's crucial to manage and maintain your mental wellbeing, which will help you:

  • Manage your finances
  • Cope with and reduce stress
  • Make informed decisions about your future


To help you improve and maintain your mental wellbeing Mental Health UK suggest you can:

  • Prioritise your sleep
  • Foster and maintain healthy relationships with friends, partners etc.
  • Exercise regularly
  • Maintain a balanced diet
  • Connect with others
  • Practice mindfulness or breathing techniques to manage stress


2. Know your budget

An important step to managing your finances and mental health is understanding your current financial situation and what it might be in the future.

Making a budget and regularly reviewing it is critical. Understanding how your budget has changed can help you adapt financially to any changes in your situation. You can use the Budget Planner from MoneyHelper. The Calculator will give you a report of your overall finances and using this information you can draft a budget to help plan your spending and saving and what to cut out. For more information on budgeting then visit out budgeting section.


3. Download the Mental Health and Money Toolkit

The Mental Health and Money Toolkit is a free resource to help you understand, manage and improve your mental and financial health.

The toolkit can help you:

  • Understand the relationship between money and mental health
  • Learn self-help techniques for managing your anxiety and wellbeing around your money worries
  • Take control of your finances

Download your free Mental Health and Money Toolkit today.


4. Talk to someone

When it comes to money, the sooner you begin to tackle the problem, the easier it will be to take control. But, of course, this is easier said than done for some people.

Talking about how you are feeling can have significant benefits. People who care about you like friends, and family, are usually happy to listen and support you.

If you're struggling with money and it's affecting your mental health, you can talk to a trained adviser today who can help you manage your financial problems. To reach a trained adviser contact mental health support in your area.


5. Deal with your Debt

If you are in debt, it is important not to panic or ignore the situation. Instead, you should seek free debt advice.

You can have advice from a debt advisor either:

  • Face-to-face at a local debt advice agency
  • Over the phone with a local or national organisation

Some debt advisers will offer self-help advice. This means they will explain the different options to you, and you will take action for yourself to solve your debt problems. Other advisers will offer casework, where they take some steps on your behalf.

It can be hard to seek help if you're in debt because you may feel guilty or ashamed. But debt advisers are used to helping people from all walks of life with money problems, and they will not judge you.

You can get free, impartial debt advice from these organisations:


Breathing Space

Breathing space is a Government scheme allowing you to get debt advice without worrying about incurring additional charges or being harassed for payment.

There are two breathing space schemes you may be eligible for:

  • Standard breathing space
  • Mental health crisis breathing space

Chapter 4


Read time

3 mins

Welfare benefits

You should apply for any welfare benefits you are eligible for. If you are struggling with your mental health, a friend, family member, or support worker can help with your application.

These guides below explain what benefits you can apply for if you have a mental health condition.


What financial help can I get from the government?

There are a range of state support you may be entitled to depending on where you live in the UK. Head to the Welfare benefit advice section on the Mental Health & Money Advice website to see what support is available to you such as grants and welfare assistance schemes.

Chapter 5


Read time

3 mins

Mental Health & Money Advice

Mental Health and Money Advice is a service providing information, advice and casework to help people understand, manage & improve their mental health and money issues.



StepChange Debt Charity

StepChange Debt Charity provides free debt advice and a wide range of debt solutions.

Website: or call 0800 138 1111.


National Debtline

National Debtline is a charity that gives free debt advice by phone and webchat.

Website: or call 0808 808 4000.


Money Helper

Money Helper was set up by the government and offers free, impartial money advice.

Website: or call 0800 011 3797.



Turn2Us is a national charity that provides practical support when people are struggling financially.



Local support

There may also be organisations and services in your local area. The Turn2Us advice finder will help you find an organisation in your area that can give you advice on debt and benefits:

Most areas also have a local Citizens Advice Bureau that advises on debt and benefits. You can find your local Citizens Advice on their website:

Scottish Widows Be Money Well is committed to providing information in a way that is accessible and useful for our users. This information, however, is not in any way intended to amount to authority or advice on which reliance should be placed. You should seek professional advice as appropriate and required. Any sites, products or services named in this module are just examples of what's available. Scottish Widows does not endorse the services they provide. The information in this module was last updated on 27th June 2024.