National Suicide Prevention Day: Talking about debt can save a life

We’re borrowing more and saving less. And finding yourself in financial difficulty is a known suicide risk. The prolonged cost of living crisis has had a profound effect on our personal finances. In February, the Office for National Statistics reported that more than a fifth of adults in the UK have borrowed more money or used more credit to cover bills in the past year³. This is up by 17% from January 2022. Rising prices and high-interest rates affect us all – but for some, the cost of living crisis may cost them much more.

Where do you turn when financial worries feel overwhelming?

In a 2022 survey by Wealth at Work, one in four of us is now deeply concerned about our financial situation⁴. In times of uncertainty and market turmoil, we understand even the ‘wealthy’ feel a sense of insecurity. Investments don’t save us from the media storm. Or the rising sense of panic. It is a commonly known fact that feeling squeezed financially in any way can affect your overall health and mental wellbeing. The link between money, mental health and suicide is, sadly, a clear one.

A life-threatening level of debt

Almost all of us owe money, from a student loan to repaying a mortgage or car financing. But if you’re suddenly blindsided by a redundancy or a relationship breakup, your normal debt can escalate into a problem debt in a matter of weeks.

Though problem debt can be a major risk factor, a person who is thinking about taking their life is often overwhelmed by a perfect storm of several life events. Losing your job, breaking up with someone, falling victim to a scam or getting a life-threatening diagnosis can all leave people vulnerable and often too distressed to focus on paying bills or sorting out taxes.

Debt isn’t choosy. Suddenly, finding you’re living beyond your means is devastating and destabilising – whether you’re a high-earner or a low-income family. In December 2022, Credit-Connect reported that one in eight people who were behind on a bill had attempted suicide⁵.

Why men can be significantly more at risk than women – and harder to reach

There is a stark gender bias embedded in suicide rates. The latest figures from the ONS, published in 2021, show that men represent three-quarters of UK suicides⁶. This has been the case consistently since the mid-Nineties, with men in their fifties more at risk. What many people may not realise is that men are disproportionately more likely to commit suicide than women. These men are often in the role of provider and feel personally responsible for the welfare of their whole family.

Feeling as though they’ve not made good financial decisions and got the family into debt can feel like a huge failure – and openly talking about it is something too shameful or embarrassing to think about.

Trans and non-binary folk may also be at higher risk since they often face specific risk factors, including stigma, prejudice, or discrimination.

Using the ‘S’ word – start the conversation

Every suicide is preventable, and every single financial problem is resolvable.

Money and Mental Health Organisation

Suicide support organisations are clear that a high number of potential suicides can be prevented if we start talking openly and sensitively about those dark thoughts. If you’re worried about someone you know – if they seem withdrawn, distracted, and not themselves – it’s time to let them know you’re there for them to talk to. And don’t be afraid to actually say the words: ‘Are you having suicidal thoughts?’

Every day could be Suicide Prevention Day

Many of us find it hard to talk about money in the good times. So it’s perhaps not surprising that we can find it even harder to start a conversation with someone who’s in difficult circumstances. Talking about money openly and honestly is what financial advisers do: day in, day out. An adviser can open a conversation and ask direct questions about money that might feel hard. Just talking it over with an expert can be a real weight off someone’s mind.

We have always recognised that, at certain times in our lives, we may find ourselves in very difficult, challenging circumstances which have a direct impact on our financial wellbeing. We aren’t counsellors, but we often have close, lifelong relationships with our clients. We can spot the emotional signs that something’s not right, even before it shows up at a regular review, and can support with empathy as well as practical advice.

We’ve got their back – in good times, and bad.

Someone to turn to

Talking about managing your finances is about much more than money. As financial advisers, we talk to our clients every day about the future they imagine for themselves.

So the most important thing any of us can do, as friends, colleagues, family members or financial advisers, is to make sure that everyone has a future.

Check-in with friends and family. Just a quiet call or chat may be helping someone more than you know.

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Sources:

¹Mental Health UK – accessed August 2023
²Financial Capability – August 2023
³Office for National Statistics – February 2023
⁴Wealth at work – The survey of 2,000 UK Adults was carried out for WEALTH at work by Opinium from 8 – 11 July 2022
⁵Credit Connect – December 2022
⁶Office for National Statistics – Data and analysis from Census 2021