Vestpod - Emilie Bellet, Women and Money

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How to untangle money issues and mental health, with Clare Francis

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☎️ A former financial journalist, Clare Francis is an expert in consumer finance, having spent eight years working on national newspapers and seven years as Editor-in-Chief at MoneySuperMarket. She is currently a Savings and Investments Director at Barclays and a Board Trustee for the Money & Mental Health Policy Institute.  

💸 Clare lost her husband to suicide in 2011 and has since been committed to raising awareness and understanding of mental health issues. The pandemic saw a growing number of people pushed into debt, with 2.5 million people estimated to have considered suicide as a result. Clare talks about how there is always help available, no matter how bad things seem.

💥 Today on The Wallet: 

1️⃣ When you’re in a financial crisis and seeking help, the first conversation (where you open up about the reality of the situation) can be the hardest. Although this initial conversation might not provide all the solutions overnight, it can be a crucial step in lightening the load, enabling clearer long-term thinking. 

2️⃣ You do not need to struggle on your own behind closed doors. A spectrum of help is available to help you through a financial crisis, including charities, helplines, and medical assistance. There are multiple options to speak to someone confidentially, and a lot of information is available to help you navigate through the situation.

3️⃣ Even if you are not struggling right now, it’s possible that someone you know could be. It’s crucial to look out for warning signs, normalise conversations around the link between financial and mental wellbeing, and check in when a friend, family member or colleague seems unusually withdrawn.

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1. What do we need to know about financial anxiety?

  • Financial anxiety is the feeling of worry, fear, or general unease about the state of your finances, and it can manifest in a variety of ways depending on the individual. Stressful events can be a trigger (i.e. a divorce, buying a house, or the pandemic) and these can affect us all in different ways. 

  • There doesn’t need to be a single, obvious trigger though. The financial decisions that one person might find straightforward could cause somebody else real turmoil and stress. We’re all different, which is why mental health can be so complex as people react in so many different ways.

  • Financial anxiety can affect anybody at any time. You might think, “Oh, I'm fine. I've never suffered.” And then suddenly, something happens in your life that triggers something, and you find yourself struggling in a way that you've never before.

2. How can we help those experiencing financial anxiety?

  • Since many people don't talk about finances in everyday circumstances, a lot of people tend to be suffering in silence. Normalising money conversations can be as simple as being a bit more open about earnings, savings, or investment matters. For example, it could be an offhand comment like, “Oh, gosh, my mortgage has gone up” or, “We had a big credit card bill this month because it's been an expensive month.”

  • Take notice of when there are major shifts in a friend, colleague or family member’s life. If their partner loses their job, they’ve just had a baby, or you see signs that maybe they're finding things difficult, chat to them and check that they're okay. Even if it’s someone you only know through work, checking in could be a simple one-to-one moment over the coffee machine where you ask, “How are you? How are things going?” Taking genuinely interest in what they say in response, as opposed to just asking out of politeness, can go a long way when someone is suffering. Talking more openly can be a huge help to people.

  • When someone’s in a financial crisis, the first conversation (opening up about the reality of the situation) can be the hardest. Although it doesn't immediately get rid of the problem, this talk can lighten the load and be a significant relief: they do not have to hide this and bottle it up and struggle alone. 

3. Where can people find help online?

  • It's important to remember that there’s a broad spectrum of help available depending on the severity of the situation. If things are terrible, it can sound quite flippant to talk where you can get help with things like money management and budgeting. But, for some people who aren’t in crisis mode, those topics can be helpful. 

  • There’s lots of information online to help people navigate financial well-being, including StepChange and Citizens Advice. There might be help available through your workplace as some companies also offer help to their employees. For example, Barclays offers its employees access to a 24/7, 24-hour helpline for help and support. 

  • If it's mental health that you need help with, a good first step could be to seek medical help by visiting your GP. There are also charities like Mind and the Samaritans. They have call centres with helplines that you can call for speaking to somebody confidentially. 

  • Understand that there is help available no matter who you are and no matter how dire the situation seems. No matter how bleak or difficult it might seem right now, there's always something you can do and some support there for you.

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