Millions of people in the UK are at risk of being “sucked into the toxic cycle of long-term mental health problems and financial difficulty”, a charity has warned.
The Money and Mental Health Institute, which was founded by MoneySavingExpert’s Martin Lewis, found that 800,000 people endured both mental health problems and long-term financial difficulties during the years from the start of the pandemic to the onset of the cost of living crisis.
An additional3.4 million people experienced a combination of mental health problems and financial difficulties during various times in this period. The charity fears that, without increased support, these people could be at risk of facing both of these issues in the long term.
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Conor D’Arcy, interim chief executive at the Money and Mental Health Policy Institute, said:“With the cost of living crisis coming hot on the heels of the pandemic, the last four years have been a car crash for many people’s finances and mental health.
“Rates of mental health problems continue to be higher than before the pandemic, while the rising cost of food and other essentials have made finances a source of daily worry and anxiety.
“The country is at an important crossroads. Continuing down the same track risks millions of us being sucked into the toxic cycle of long term mental health problems and financial difficulty. Not only would that be catastrophic for those affected, it would also be disastrous for the economy and NHS.”