Depression striking those in debt

Debt and depression are firmly entwined - with half of all those in debt suffering mental health problems.

A new report calls for greater understanding of how debt and mental illness are connected - both issues that are set to worsen as the UK feels the force of the recession.

A study by The Royal College of Psychiatrists and mental health charity Rethink reveals anxiety and depression are commonly linked to debt problems - and "the more debts people have, the more likely they may be to have a mental disorder".

Not only do the stresses of debt problems lead to depression and other problems, but also those suffering mental health problems find themselves unable to control their finances.

Actor and writer Stephen Fry said: "My own bipolar condition has caused me to go on many giddy spending sprees so I have first-hand experience of the difficulties of debt brought on by poor mental health.

"An understanding of the relationship between mental health and unmanageable debt should ensure that appropriate advice and support is provided to those who need it."

Also those suffering mental health difficulties are less likely to seek help - and if they do they are unlikely to reveal the problems for fear of embarrassment or their conditions being used against them.

Alastair Campbell, the former chief press secretary to Tony Blair, explained it was necessary that agencies work together to ensure that both mental health and financial difficulties are identified so appropriate support can be provided.

"One in four of us will directly experience mental illness during our lifetime," he said.

"For many, those problems are exacerbated by financial problems, sometimes in part caused by the mental health problems. It cannot be entirely a coincidence that the word depression has an economic as well as a health meaning."

The report calls for all financial sector codes of conduct to recognise mental health problems.

Furthermore, care and health professionals are being urged to routinely ask about their patients financial difficulties.

Professor Dinesh Bhugra, president of the Royal College of Psychiatrists, said: "The economic downturn will impact on the UK's mental health. All political action at this time is important.

"Research and clinical experience tells us that the more debts people have, the more likely they are to have a mental health problem. Health and social care professionals are well placed to help their patients during these difficult times."

Charity Rethink does offer debt specialists on hand to provide information via its advice line.

Paul Corry, Rethink director of public affairs, urged people to seek help.
"People with mental health problems sometimes have particular issues with money as a result of their illness," he said.

"Those who are working may lose their jobs suddenly if they become unwell, while others who live on state benefits may not have the funds available to cover one off costs."