A new survey has found that more than half of people who have experienced a mental health issue in the past three years feel anxious when thinking about their finances.
The Money and Pensions Service (MaPS) commissioned the research to mark Mental Health Awareness Week, which runs from May 9-15 and the financial wellbeing survey of more than 10,000 people across the UK indicates that those who have experienced a recent mental health problem are particularly likely to be at risk of falling into serious money problems.
They are more than twice as likely to say thinking about their financial situation makes them anxious (57%), versus 26 per cent who have not experienced a mental health problem in the past three years.
The study also found that they are four times as likely to be behind on priority bills (44% versus 11%) and four times as likely to be borrowing to pay off debts (24% versus 6%).
They are nearly three times as likely to often borrow to buy food or pay bills because they have run out of money (32% versus 11%).
Commenting on the findings, Caroline Siarkiewicz, chief executive at MaPS, which provides the free MoneyHelper service, said: "We know that money worries and poor mental wellbeing often go hand in hand.
"This is a challenging time for many people dealing with the after-effects of the pandemic and cost-of-living pressures.
"It is tricky enough for anyone, but can be particularly challenging for people also dealing with a mental health problem. Despite this, we know that many people across the UK generally struggle to talk openly about money.
"This, added with the possibility many could be dealing with feelings of anxiety about money, is concerning because people could be living with the burden of money worries on their own, which can often make things worse and can make them feel incredibly lonely.”
Caroline pointed out that people struggling with their finances are not alone and should seek free, independent advice that is available online, over the phone and in-person from several non-profit charities along with dedicated support through MoneyHelper.
She added: "Whatever stage you are at - whether you are struggling to keep up with bills, have already fallen behind on payments or need support managing money while dealing with a mental health problem - our MoneyHelper service can offer free, confidential guidance to those who need it."
Find out more about free advice and guidance available from MoneyHelper, here.
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