Mental health impact of debt and cost of living must stop being overlooked

It won’t come as a surprise that people who struggle with their finances, often suffer with poor mental health and are at higher risk of suicide. But is this problem getting worse? The cost of living crisis has plunged more people in to financial hardship and has undoubtedly amplified this long-standing issue.  

It’s clear from these calls that the ongoing financial pressure is taking a toll on people’s wellbeing. From struggling to pay essential bills to experiencing problem debt, callers to our helpline have spoken about the devastating effects of the ongoing cost of living crisis. Volunteers have heard from callers who are missing meals so that their children can eat or rationing their medication as they are struggling to pay the prescription charges. In many cases, people have been forced to cut back on even the most simple and basic ways of connecting and taking care of their wellbeing such as visiting loved ones. Often this has led to an increased sense of loneliness and isolation – another key risk factor for suicide.

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While we know that suicide is complex and rarely caused by one thing, we do know that the poorest 10% of society are more than twice as likely to die from suicide compared to the wealthiest 10% of society. This shocking statistic not only highlights the devastating consequences financial insecurity can have, but it is a stark reminder of the multiple disadvantages faced by people living in poverty. It is an unpalatable truth we need to face and address.

We’re being told to prepare for a ‘painful’ budget this month, which could mean more of us are driven into financial insecurity, which will undoubtedly further increase the number of people looking for support from already over-stretched services.

To tackle this, we urgently need a joint approach to money advice and mental health support. We want to see mental health support for anyone struggling with their finances and vice versa. Schemes like Breathing Space are a great example of this, but must be extended so that anyone in touch with a NHS mental health service and is also in problem debt can receive debt respite. People shouldn’t have to wait until they are in crisis to receive this support. 

But we need more than that.

Suicide rates are at their highest level in over two decades, with more than 5,500 people taking their own life in England last year. At Samaritans, we answer a call for help every 10 seconds.

There’s no doubt we need to see urgent action to address this growing public health crisis. But, disappointingly we’ve yet to hear how the government plan to tackle the biggest killer of people under 35 and prioritise suicide prevention. Local suicide prevention funding has ended and we’ve heard no word on whether the new government will retain the existing Suicide Prevention Strategy.

The new government’s first autumn statement is weeks away, offering the perfect opportunity to break the silence and commit to proper investment for suicide prevention with the same ambition and focus that have resulted in smoking rates being driven down.

This World Mental Health Day, Samaritans is calling on the government to take urgent action on suicide prevention that matches the scale of the issue, in order to save lives. Suicide is preventable but not without properly joined up and funded action.

Julie Bentley is chief executive of Samaritans. Read more about Samaritans full manifesto asks to the government here.

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