The links between financial inclusion, financial capability and health are becoming increasingly evident. This section has collected some of the research information, papers and articles recently published on the subject as well as links to help or guidanceNHS Credit Crunch Help
The NHS provides a telephone helpline for those feeling stressed because of job insecurity, redundancy, debt or financial problems. The NHS Credit Crunch Stressline number is 0300 123 2000 (daily, 8am-10pm)
Health advisors will listen, offer practical advice, guide callers to useful online resources and put them in touch with other people who can help such as debt, housing, employment advisors, and counselling and talking therapy services.
More information on the NHS Credit Crunch service is available from:
A Credit Crunch Stressline leaflet is also available from:
NHS Credit Crunch Stressline Leaflet
Debt and Mental Health
The Royal College of Psychiatrists published a report on debt and mental health. Some of the report findings include:
The more debts people have, the more likely they may be to have a mental disorder. Different types of debt (e.g. mortgage vs credit card, or ‘problem’ vs ‘non-problem’ debt) may also have a different impact on individuals’ mental health but this requires further research and analysis.
An individual’s worry or concern about their debt can have an equal or larger negative impact on mental health than the actual size or amount of that debt.
By definition, large economic recessions affect more people. This group will include those with little previous experience of coping with hardship, who may be at greater risk of mental health problems than others ‘inured’ to financial insecurity.
Debt may have indirect effects on household psychological wellbeing over time, as it impacts on feelings of economic pressure, parental depression, conflict based family relationships, and potential mental health problems among children.
There is mixed evidence regarding the relationship between debt problems and health service usage – one study on student debt indicates no increase in usage, whilst another on the general population suggests some increase in GP service uptake.
The human costs of debt can negatively impact on personal identity. Identity is often understood as a sense of who we ‘are’, and how we are similar or different from others. Debt can significantly change how people live their lives, induce feelings of uncertainty about what is going to happen next, as well as engendering feelings of stigma and shame.
Debt or repayment difficulties appear to be independently associated with thoughts about suicide, but – with the exception of one study - not with suicide attempts.
People with debt and mental health problems often do not seek help for financial difficulties.
Customers with debts often do not disclose a mental health problem to creditors due to concerns about being believed, a perception that it will not make a difference to their situation, fears of the information being used against them, or feelings of embarrassment.
The report can be accessed from the following link:
Financial Capability and Health
The FSA published a paper which examined the way in which the characteristics of individuals and their households relate to their financial capability. Some of the findings relating to health include:
Individuals in good health report higher financial incapability than those in fair or poor health
Those in fair or poor health report lower financial capability and are likely to suffer from 32% more financial problems than those in good health
An improvement in health is associated with an improvement in financial capability
The paper can be accessed from the following link:
Financial Capability & Well Being
Improving Financial Capability Reduces Stress
The British Household Panel Survey (BHPS) has been used to investigate the relationships between financial capability and psychological wellbeing in Britain. More information can be found on this website using the following link:
Poverty & increased incidence of Diabetes
The poorest people in Britain are more than twice as likely to have diabetes than the average person, according to a new report by Diabetes UK (highlighted in The Guardian website). They are also twice as likely to develop complications. The study found that women in England who live in homes with the lowest income are more than four times as likely to get diabetes as those who live in homes with the highest income.
The full article can be found using the following link:
Poor twice as likely to have diabetes
Details about income deprivation in the East Midlands can be found from the following link:
East Midlands regional statistics (including income deprivation)
Fuel Poverty & Health
Inability to adequately heat your home can also affect your health. Information on local and national Fuel Poverty statistics can be found on this website, by using the following link:
The Health Effects of Financial Exclusion, Poverty and Debt.
Although written for Northumberland, section 11 of the Poverty, Financial Exclusion & Health in Northumberland: Briefing (March 2008) provides a useful summary of academic and other literature outlining the effects of poverty, financial exclusion & debt on Physical Health, Childhood Health and Well-Being, Mental Health and Relationships.
The briefing can be found from the following link:
The Health Effects of Financial Exclusion, Poverty and Debt.
Improving health through CAB advice services Making advice available in doctors’ surgeries, health centres, hospitals, psychiatric units and mental health clinics significantly improves people’s health and well-being. Good advice to tackle non-clinical problems, like low income and debt, relieves the stress and anxiety that often underscore a patient’s clinical symptoms. More information and case studies available from the following link: