TSB data shows impact of money issues on mental health in the North East

October 10, 2019 @ 14:35 by Richard Dawson

New research by challenger bank TSB shows that over half of people living in the North East have experienced money related issues, with 83 per cent of them saying that it has impacted their mental health.

The research comes off the back of TSB’s partnership with Every Mind Matters, a new scheme devised by Public Health England (PHE) to empower people to manage and improve their mental health.

The findings reveal that seven in ten said poor mental health can make finances more difficult to manage.

Of those who have experienced mental health issues, 32 per cent have difficulty coping with and managing change and uncertainty and 23 per cent find it hard to form and maintain good relationships.

TSB’s data also shows that 11 per cent of people in the North East say they worry about money on a daily basis. Top worries include ‘not being able to afford the lifestyle they want’ (35 per cent), ‘worrying about not being able to make ends meet’ (29 per cent) and ‘not having enough money for day-to-day expenses’ (31 per cent).

Neil Mitchell, head of vulnerable customers at TSB, said: “If you are having money worries then you should always seek help and advice.

“There are a number of organisations who can help you, including your bank or building society, so never be afraid to talk to someone. Take one step at a time to help you get back on track.”

Duncan Selbie, chief executive of Public Health England, added: “Our health is affected by our circumstances, including having a job, friends and a roof over our heads.

“Anxiety, stress, low mood and trouble sleeping can affect everyone. Every Mind Matters aims to help people to better handle life’s ups and downs.”

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