People with mental health problems are three and a half times more likely to be in debt than those without such conditions, the analysis said.
This connection is even more pronounced for certain conditions, such as bipolar disorder and depression, said the Money and Mental Health Policy Institute.
It said that individuals with Obsessive Compulsive Disorder (OCD) have six-times more serious problems with the money
It is the call for greater protection for those affected in this situation.
- "Utility Changes Contributing to Mental Problems"
- Poor mental health at work "prevalent"
The Institute analyzed the data from the Adult Psychiatric Morbidity Survey with responses from 7,500 people in England.
This found that an estimated 1
Someone who felt so heavy was Debbie from the West Midlands. In times of depression, due in part to her father's death, her expenses turned.
She said that if she felt weak from depression, she would buy something in the past and pay on credit. They were often items she did not need.
Credit card, business card and catalog debts, as well as additional travel expenses for a new, low-paid job, led them to build up debts that amounted to £ 70,000. Eventually, she decided the only way out was bankruptcy.
The institute's analysis revealed that one in four sufferers who suffer from depression, such as Debbie, was one of 20 people in a problematic debt who had no mental health problems ,
It states that depression symptoms such as bad moods and lack of concentration could affect people's ability to manage their finances.
Helen Undy, the head of the institute, said: "When?" You are struggling with your mental health, and it can be much harder to stay at work or manage your expenses while debt can lead to tremendous stress and anxiety So the two problems nourish each other and create a vicious circle that can destroy lives.
"Although these issues are interconnected, financial services providers rarely think about our mental health, and psychosocial services seldom consider what happens to our money. "
She called on the government to dictate the minimum standards that providers of services – from banks and utilities to debt collection companies – offer to people with mental illness to ensure they get a fair deal.