‘Lives are on the line!’ says Martin Lewis, who also urges people to seek mental health help right away.
MARTIN LEWIS is warning that “lives are on the line” as a result of money-related mental health issues.
According to research, 2.5 million people in the UK considered suicide during the pandemic because they were in debt.
The results of a survey conducted by the financial journalist’s Money and Mental Health charity revealed that people with mental health issues are three times more likely than the general population to have fallen into problem debt.
Furthermore, 58% of those with debts of more than £30,000 said they had considered or attempted suicide in the previous 19 months.
The more money problems piled up, the more likely adults polled in the Opinium survey were to suffer from poor mental health.
The Money Saving Expert founder explained how Covid has exacerbated the already deteriorating mental health of many members of the public as part of his work with the Money and Mental Health Policy Institute.
“The pandemic financially split the nation,” Martin explained.
Many people benefited: those who had help and lower costs were able to save money.
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“However, for others, it was catastrophic, and it’s a national tragedy that a disproportionate number of those in that group are people who are struggling with their mental health and haven’t received the help they need to avoid reaching crisis point.”
“We’re only now beginning to grasp the full scope of the pandemic’s impact on our lives.”
“However, these shocking findings show that far too many people with mental health and debt issues were left out of the system and allowed to fall through the cracks, with disastrous results.”
“We’re going to sound the alarm.
The government, health professionals, and critical services all need to step up their efforts to prevent people with mental illnesses from falling further into debt.
Prevention is preferable to cure and, in the long run, less expensive for the country.
“I hope the rhetoric about ‘building back better’ from the pandemic is more than a soundbite, because time is of the essence – lives are on the line.”
The financial journalist’s charity has also made recommendations to the government on how to deal with the problem, including a plan to address the links between debt, mental health issues, and suicide in its pandemic recovery plans.
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