According to a recent study, a significant majority of adults in the UK (73%) have experienced improvements in their mental health after seeking advice for their debt-related concerns.
The relationship between money and mental health is often intertwined. A study in the UK found that 92% of adults who were in debt experienced a noticeable decline in their mental well-being. However, seeking help from professionals can alleviate the negative impact of financial stress. In fact, 73% of people reported a significant improvement in their mental health after taking the initial steps to address and manage their debt.
Lowell, a company that specializes in credit management, has partnered with Turning Lives Around, a charity in West Yorkshire that focuses on homelessness. Their joint efforts aim to promote open discussions about debt among
According to a recent survey conducted among Lowell customers, a majority of 58% expressed feelings of relief and optimism about their future after seeking advice on debt-related matters. Additionally, 71% of respondents reported a decrease in the stress caused by their debt.
Lowell has offered advice on initiating a conversation about debt, with the intention of eliminating any negative associations or shame related to discussing a challenging financial predicament.
Starting a conversation
Seeking assistance or encouragement can be challenging in any circumstance, but discussing financial concerns with professionals or loved ones can alleviate feelings of isolation. Whether you share your thoughts on World Mental Health Day or any other occasion, these discussion prompts can facilitate reaching out to others for necessary assistance or enable you to initiate a conversation and seek support.
If you are struggling with financial obligations or mental well-being
However, for certain individuals, receiving advice on managing debt is just one aspect of the larger challenge they face. Unfortunately, as observed at Lowell, excessive debt can often result in homelessness. In such situations, having a comprehensive support plan becomes crucial in helping individuals get their lives back on track. Coincidentally, World Homeless Day is also observed on October 10, and Lowell’s charity partner, Turning Lives Around, specifically works towards preventing homelessness among the most vulnerable members of society. Their efforts focus on ensuring the individuals’ self-care, physical and mental well-being, and recovery needs are met. Additionally, they provide guidance and assistance with claiming benefits, managing finances, and accessing education, training, and employment opportunities.
According to Steve Hoey, the CEO of TLA, their organization focuses on providing comprehensive support to individuals who are homeless. They begin by assisting with housing and then assess and address the various needs and issues that have led to their homelessness.
The majority of individuals who come to us for assistance require help with their financial situation and debt, which can have a negative impact on their mental well-being. Our main goal is to support them in accessing, prioritizing, and effectively managing their money. This is crucial in order to minimize their chances of becoming homeless in the future and to allow them to maintain stable housing and lead independent and healthy lives.
To obtain more details on how to approach a conversation about debt with someone, you can visit Lowell’s blog at the following link: https://www.lowell.co.uk/about-us/lowells-blog/wellbeing/time-to-talk/Â
If you need more guidance on managing stress caused by debt or if you want to find more resources for support, you can check out the following website: https://www.lowell.co.uk/about-us/lowells-blog/wellbeing/how-to-deal-with-debt-related-stress/.
(This article was reviewed by MartinBot and written based on an article that appeared in HR News).
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