New research from the Money and Mental Health Policy Institute (MMHPI) has shown extensive connections between problem and suicidal thoughts and attempts, leading the organisation to call upon the government to change the law to provide better protection for debtors’ health, among other recommendations.

Report reveals link between financial problems and mental health issues

The recent survey was based on data gathered from both the Adult Psychiatric Morbidity Survey and a survey of those with personal and professional experience of suicide issues.

The report by the MMHPI revealed that nearly a quarter of people (23%) who attempted suicide in the past year were in problem debt.

What is problem debt?

People are defined as being in ‘problem debt’ when they are “seriously behind on payments for bills or credit agreements or have been disconnected by a utilities provider in the past year”.

The pressures of financial problems were exemplified by the case of Jerome Rogers, the 20-year-old who took his own life last year after feeling too pressurised by debts arising from parking fines.

13% of people in problem debt – around 420,000 people – consider ending their lives every year. Of the 420,000 people, 100,000 attempt suicide every year. This means that people in problem debt are three times more likely to have considered suicide than those who are in a more financially stable state.

The MMHPI says that those in persistent poverty and financial insecurity are at higher risk of becoming suicidal, and that sudden triggers – such as threatening letters from creditors or rapid accumulation of fees – might push someone to become suicidal.

Recommendations made by the MMHPI

The MMHPI has made several recommendations in order to help break the connection between problem debt and suicide. In particular, it recommends that the government should review rules relating to how creditors word their letters in order to make them more supportive and comprehensive, and less aggressive.

The MMHPI also recommends that Public Health England improves its guidance to local authorities about the importance of financial difficulty as a potential trigger for mental health problems.

Essential service providers should offer suicide prevention training to their staff, the MMHPI further recommends.

Reactions to the report

Speaking to the Guardian, Vicki Nash, the head of policy and campaigns for the mental health charity Mind, explained:

“Mind [has] found that half of people with mental health problems have thought about or attempted suicide as a result of social issues such as housing issues, debt, benefit support, and employment.”

Nash also highlighted the importance of realising that there were real people behind the statistics – including parents, colleagues, and friends.

While the government has not announced any new Bills to implement the report’s recommendations, a spokesperson did tell the Guardian that “suicide is the most devastating outcome for people struggling with the challenges of life and we are committed to helping people in problem debt receive the proper support.”

The full survey can be read here.

Contact Us

For specialist and bespoke advice about your debt recovery options, contact one of our experts today via the online enquiry form.