Shocking new evidence shows that we should probably be taking more care of our mental health than we already are.
Modern life’s problems such as debts and loans are resulting in major negative effects on our mental health.
People struggling to pay their debts are more than twice as likely to have mental health problems or suffer with severe anxiety, according to a study.
People with the most difficult debt challenges including arrears on mortgages or rent payments, have up to three times higher the rate of mental health problems than the general population.
Dr John Gathergood, of the University of Nottingham, carried out the research and found that people who face though debt problems find the stress and anxiety spills over into other areas of their lives.
He said: ‘One striking finding of my research is that many people with debt problems describe feelings of being unable to concentrate on day-to-day activities or make normal decisions. This has wider effects on their attitudes and general health.”
This can affect people’s relationships, family lives, work and education.
However, Dr Gathergood found that in areas where bankruptcy and repossession are more common the impact of debt on people’s mental health was lower. He calls it the “social norm” effect where people experience less impact of negative events when they are more common among their peer group.
He said the “social norm” effect occurs because the stigma around debt problems is lower in areas where they are more common.
The research measured people’s mental health using data from a series of questions participants were asked. People were asked to describe their feelings and experiences, including sleeplessness, self-confidence and ability to concentrate.
“My research clearly shows that problem debt causes worse mental health, but where people live makes a big difference,” Dr Gathergood said.
“If an indebted individual lives in an area where debt problems are more common, the impact on their mental health is much less severe.”
People who face debt problems are more likely to suffer from anxiety and say that they feel constantly under strain, hopeless and incapable of decision-making.
The study was published in the latest issue of the Economic Journal.
