A poll commissioned by the registered debt charity Christians Against Poverty (Scotland) found that 55% of young Scots aged 16-34 are losing sleep worrying about their personal finances with almost 60% revealing that it is negatively affecting their mental health.
The survey, conducted by Savanta ComRes, a market research consultancy based in London, surveyed over one thousand Scots and said that 54% of those in the 16-34 age category did not know where to access free debt help.
Speaking in regards to the findings of the survey, the National Director of Christians Against Poverty Scotland, Emma Jackson said: “We know that the economic effects of the pandemic have had a particular effect on young adults.
With significant job losses in retail, hospitality and entertainment, it is understandable why large numbers are feeling so worried about their finances.
“Many are experiencing debt for the first time and are unsure of what to do. Our message is clear, we urge everyone experiencing problem debt to seek free debt help today.”
Trust Deed Scotland said: “We’re aware of the impact that having unaffordable debt can have on the mental health of those who have problem debt, and how that stress can also impact their wider family life.
Not only do we see this same trend amongst younger Scots, but among all age groups.
As an organisation who have advised over 25,000 Scots from all walks of life, a regular response to our five-star rated TrustPilot reviews talks about how our clients are once able to sleep again at night after a debt solution has been put in place for them.
As there is also a stigma attached to being in debt, many people who do have problem debt will avoid seeking help and ultimately attempt to struggle on alone.
In agreement with Christians Against Poverty Scotland, we understand the effect of having unaffordable debt has on the frame of mind of any individual who is experiencing financial difficulties and we’re also advising those who are struggling with their unaffordable debt to seek debt help immediately.
Our experienced debt advice team at Trust Deed Scotland give non-judgemental, friendly tailored debt advice for residents of Scotland.
If you’re struggling with debt, call us on 0141 221 0999 in confidence.”
Problem Debt and Mental Health links
Debt and mental health are frequently linked.
In a study conducted by The Money and Mental Health Policy Institute, it was revealed that there were over 1.5m people in England experiencing both problem debt and mental health problems.
People with problem debt are significantly more likely to experience mental health problems:
- 46% of people in problem debt also have a mental health problem.
- 86% of respondents to the survey of nearly 5,500 people with experience of mental health problems said that their financial situation had made their mental health problems worse.
- The survey also found that people with mental health problems found that, while unwell:
- 93% spent more than usual
- 92% found it harder to make financial decisions
- 74% put off paying bills
- 71% avoided dealing with creditors
- 56% took out a loan that they would not otherwise have taken out.
People with mental health problems are also more likely to be in problem debt:
- 18% of people with mental health problems are in problem debt. People experiencing mental health problems are three and a half times more likely to be in problem debt than people without mental health problems (5%).
- 72% of respondents to Money and Mental Health’s survey said that their mental health problems had made their financial situation worse.
Problem debt may not typically always happen overnight caused by a drastic change in circumstances. In some cases, what may begin as a niggling doubt over meeting monthly payments can lead to sleepless nights.
Unfortunately for some, an eventual spiral occurs as debts become no longer affordable. Problem debts develop, increasing the likeliness of developing a mental health issue as a result.
Closer to home in Scotland, the Herald and more specifically regarding small business owners, the Glasgow-based newspaper recently reported that in a study of 1,200 companies done by the Federation of Small Businesses (FSB) in January 2021, it found that 40% of respondents are worried about their mental health.
- 30% said repaying debt was weighing on their mind
- 44% were worried about the financial sustainability of their family.
How we’re helping people with debt who are having sleepless nights
Every year, Trust Deed Scotland empower thousands of people in Scotland to deal with their finances and go on to enjoy life after debt.
Having received over 7,000 five-star rated debt advice reviews, over 130 of our clients in their own words specifically mention being able to sleep again at night, after receiving help with their unaffordable debts from us.
We’ve compiled a selection of our reviews below.
In January 2021, J Smillie wrote:
“Vicky was great from start to finish. I now have my life back and able to sleep at night again.”
Also reviewing Trust Deed Scotland in 2021, Edwin wrote:
“From the first contact, I have been dealt with sympathetically and professionally. All options were explained thoroughly and questions answered.
This has lifted a great weight off my shoulders which affected my work life as well as my personal life.
Thank you Trust Deed Scotland, I can sleep at nights now.”
Another 2021 Trust Deed Scotland client said:
“For the last year, I have been suffering so much with stress and anxiety over my money worries.
I couldn’t sleep, I was so down and crying at least once a day as I couldn’t see a way out the hole I got myself in.
I got in touch with Vicky and I cannot praise this girl enough she was so understanding with my situation and got me finally on route to a debt free life.
Thank you so much, Vicky, you are a credit to your company.”
In 2020, Claire said:
“I was recommended to Trust Deed Scotland by a work colleague as I was well over my head with debt, it was affecting my health mentally and physically.
I plucked up the courage to seek advice, I spoke with Jacqui Richardson who made me feel so at ease, she didn’t judge me, she explained everything to me from start to finish, kept me updated every second day, it was the best decision I have ever made!
No need to feel embarrassed, if you are looking for the best advice, please please give them a call, at least now I can sleep at night.”
I would like to thank Jacqui for everything she has done for myself and my family, If there were more stars to be given, they would certainly deserve them.”
K McDonald wrote of their Trust Deed Scotland experience in 2020:
“Soreena has been amazing. Never judged me and has helped out so much.
For the first time in many months, I’ve been able to have a full night sleep.
I can’t thank her enough for all her help.”
In 2019, Mr Smith said:
“After two years of non-stop worry and no sleep, it was affecting everything I did 24 hours a day.
Eventually plucked up the courage to do something about it.
One phone call my mind was put at ease. I am now in the middle of a plan being put in place which means I’m going to be back in control.
Thank you Trust Deed Scotland.”
Katrina left a review in 2017 where she advised:
“Danielle at Trust Deed Scotland was Superb, understanding informative clearly answered all questions in plain language keeping me up to date every step of the way.
Thank you, I can manage to sleep at night.”
Donna, a client that Trust Deed Scotland helped in 2016 said:
“If you’re feeling stressed out & getting deeper into debt, struggling to repay your debt. I would 100% recommend Trust Deed Scotland.
They are all so friendly and don’t make you feel like a bad person. My husband and I were just getting deeper into debt and didn’t see any solution to get out of it, it was just building up.
We contacted Trust Deed Scotland and they made us feel at ease and totally stress free right away, I would recommend a trust deed to anyone struggling with their debt.
We now have low monthly payments which are so much easier to afford and we will be debt free in 5 years.
We can now sleep better at night and see a better future.”
How to get Scottish Debt Advice today
As a leading provider of formal Scottish debt solutions including Trust Deeds, and the Debt Arrangement Scheme, our experienced debt advice team are able to work with you and offer tailored debt advice that puts you at the heart of the decision-making process.