Debt And The Effects It Can Have On Our Mental Health And Wellbeing.

While there have been many positive changes to how open we now are around talking about what worries us and our mental health, our finances seem to still be a taboo subject, Don’t they?  We are reluctant to discuss our money worries and that becomes a potential problem when we are facing debt, or other financial issues, doesn’t it?.

We have all faced tougher times over the last few years with our economy affected by the pandemic and a cost-of-living crisis and yet we are still not comfortable in asking for help, support or advice or indeed just asking someone to listen to us while we express how we are feeling when we are worried about money.

Often, we can get lost in denial of our situation, procrastinating about deciding what to do or failing to take any kind of practical action to deal with the problem at all.  Procrastination is usually a fear response, what if we fail, or make things worse?  If we take no action at all we cannot fail can we, yet we cannot afford to do nothing either.  It is also counter intuitive as by taking no action we invariably create a bigger issue for ourselves which we then must face head on and deal with.  Burying our heads in the sand will not resolve anything and if we are facing a debt issue, the amount of debt will only ever increase (interest on money owed as well as potentially having to borrow more to support day to day expenses, accruing yet more debt and further interest and so it will continue) Unless we focus on a solution, or at least a course of action which will lead to the solution we need.  Being aware that we have an issue is the first step, accepting it and looking for a solution is the second.

In a report by

1 in 4 adults will have a mental health problem at some point in their life.

1 in 2 adults with debts has a mental health problem.

1 in 4 people with a mental health problem is also in debt.

 Whatever your current situation may be, always remember that it does not define your destination.  There are always changes you can make to improve it, your GP to suggest treatment and refer you for counselling where necessary (so you are better able to cope), friends you can talk to for advice and professional people who can give you practical help and suggestions to enable you to make progress towards a more positive situation in business.

If you are feeling overwhelmed and unable to cope it is perfectly alright to ask for help and support – both practical help for your financial situation as well as support for your mental health and wellbeing.  Mental health problems can both cause debt and be a result of finding yourself in financial difficulty.  For example, depression can cause you to lose interest in your work and may result in you losing your job and if you were made redundant that may result in some mental health issues that you are not able to cope with and things can quickly spiral out of control.

The most effective way to overcome any difficulty is to deal with it – and if you are struggling to find a way out yourself then professional intervention may help.  As coaches we are here to support you through this.

121 coaching enables us to work with you to establish clarity, allow progression as well as achievement of personal goals.

Recognising that you will have your own specific needs, we have the flexibility to support with one off 121 sessions through to a programme of meetings, to embed an awareness of the importance of well-being and self-care for us all.

We can meet face to face, via a Zoom call or video call – you can decide which approach suits you best.

Please contact us for a free, no obligation, conversation to discuss how we can support you with your well-being, we look forward to hearing from you.

As well as having someone to talk to about your personal worries and concerns it is also a good idea to engage the services of a finance professional who can advise the best way to navigate your situation in order to resolve it as soon as you possibly can.

Tracey Westell FCICM – Director of Pecunia says ‘Many senior managers and directors can find themselves in a position where they cannot see the wood for the trees, especially when they are worried about the financial structure of the business, and even letting staff down. The team are well aware that there may be a need for well-being intervention, when we are called into assist a business financial and cashflow issues.  This is nothing to be ashamed of,  and as I always say, we can fix the hull of a ship, but we need a good captain to sail it back out to sea.’

‘However, it is unfortunate that many feel ashamed and a failure, and as such do not reach out.  We can only help those that ask for it. As the saying goes “We only know what we know, and don’t know what we don’t know”, No one running a business knows everything about running a business, so why should you?’ That’s why we are here to help’

Hence why Pecunia proactively works with businesses passing on their extensive knowledge, experience, skills & expertise in all areas of – credit management, credit control, credit control courses and training, cash flow management and commercial debt recovery, and collaborates with people such as Emerge – Be who you are.

There are other sources of help available, for example –

Coping with financial worries – NHS (

However difficult your circumstances are remember that there is help available, you can reach out and ask for support and there is no shame in admitting that you need advice.  As soon as you realise you are struggling take positive action to rectify it – remember the longer you put it off, the longer (and more difficult) potentially the solution will be.


Do not ignore debt – it will only get worse.

Explain your problems to someone you trust.

Be sure to get expert independent advice.

Take control of your money and spending.

By Sarah Morris Emerge – Be Who You Are