As financial experts, we are acutely aware of the financial difficulties that our clients face. But are we as open with our employers, colleagues, friends, and family members about discussing money worries and financial troubles?

In recognition of Time to Talk Day, we are encouraging people to take some time out of their diaries to have a conversation about financial difficulties.  It might sound like a cliché, but a problem shared is a problem halved. At Provide Finance, we believe in working together to help property owners, landlords, brokers, and small business owners to find a solution to financial challenges.  And as an employer, my door is always open to my team so that they can speak to me in confidence at any time.  My background is in debt management, so I am happy to do what I can to help. But, we need to do more, and this is the reason for highlighting financial stress on Time to Talk Day.

With money playing a role in nearly every aspect of our lives, it can be hard to separate financial worries from our overall well-being. Considering the current economic climate, it's now more important than ever to take care of both our finances and our mental health.

According to the Money and Mental Health Policy Institute, 46% of people in debt also experience mental health problems. This is not surprising given the close relationship between financial stress and mental stress. Financial worries can lead to mental stress, which in turn can make it harder to manage our finances, leading to more financial stress. It’s a vicious cycle.

But what constitutes a mental health problem severe enough to affect our ability to manage our finances? While people with diagnosed mental illnesses may have a more difficult time managing finances, there are signs of extreme stress that we should all be aware of, as these can have a significant impact on our financial stability.

Some of the signs that you may be under stress due to financial worries include difficulty sleeping, changes in appetite, headaches, or feelings or panick, among others.

These signs are a symptom that we’re in fight, flight or freeze mode – it can be exhausting. It takes a toll physically and mentally.  It’s not uncommon to experience stress when you’re dealing with money worries.

So, how can we cope with financial stress? One of the first steps is to break the cycle of financial stress and mental stress. This can only be achieved by taking action. While financial experts may not be mental health experts, they do have tips on how to support positive financial well-being.

• Don't be afraid to ask for mental health support. Silence will not lead to a way out of the cycle. There are many mental health charities and resources that can offer support.  Mind, Mental Health Foundation and Samaritans are a good place to start.
• Share your concerns with others who you trust around you. Talking about your worries can help you find others who understand and can offer guidance from experience.
• Take action as soon as possible. It can all feel like too much but trying to ignore the problem will make it harder to tackle in the long term.
• Make the most of resources like debt advisors. Debt advisors are trained to help people in financial trouble and can take some of the burden and mental stress off of your shoulders. Citizens Advice has some excellent resources to help with tips on how to pay bills and how to get help with the cost of living. StepChange Debt Charity gives free, impartial debt advice and money guidance and their online 60 second debt test will help you to quickly work out whether you need help and where to get it.
• Please don’t deal with this alone. If we all talk about this, we help to lift the stigma around debt, financial crisis and mental health and that must be positive.

As we navigate the economic uncertainty, it's crucial to include our well-being in our preparation plans. By breaking the cycle of financial stress and mental stress and taking care of ourselves, we can move towards financial stability and improved mental health.