Welcome to Time to Talk Day
- MMM
- Feb 3, 2025
- 3 min read
Updated: Feb 4, 2025
The 6th of February is Time to Talk Day: The nation’s biggest mental health conversation. It’s run by Mind and Rethink Mental Illness, to encourage everyone to come together to talk about mental health and remove the stigma associated with mental health struggles.
The link between financial wellbeing and mental health
You may be wondering what Time to Talk Day has to do with My Money Matters. Financial wellbeing is strongly linked to mental health. Mind reports that mental health can both impact the way you deal with money as well as be impacted by money problems (1).
According to a new report from Schroders Personal Wealth (SPW), 62% of UK adults have reported financial worries, with 79% of those reporting concerns experiencing a negative impact on their mental health (2). With 55% of those impacted intending to make a financial plan, but only 6% having the resources to consult a financial advisor, there is a lack of support for those in the UK struggling with their financial wellbeing.
The link between the increased cost of living, financial difficulties and mental health is so recognised that the NHS have published several resources to signpost those struggling to appropriate support (3). A great resource we’ve found is Mental Health and Money Advice, which provides information around managing debt, your mental health, and gives you access to tools and calculators which look at additional support that may be available to you, depending on individual circumstances.
How My Money Matters can support you
Talking about money and mental health are both still, unfortunately, considered taboo. Admitting your feelings and fears can feel impossible, and it’s easy to brush them under the carpet and not admit that you need help. Sometimes, it can feel like admitting to struggling is admitting weakness or failure.
My Money Matters aims to change that way of thinking. Anyone can find themselves struggling financially, especially during tough economic times like the current cost of living crisis. The best way to improve your financial situation is to fully understand what is going on with your finances and make a solid plan to manage and potentially improve your financial situation.
This Time to Talk Day, we want to make you aware of some of our key educational webinars which could help you improve your financial situation.
Feeling overwhelmed by debt? The My Money Matters experts will talk through strategies to reduce and manage debt effectively, and signpost you to services that can provide you with practical tips and free tools.
This webinar does what it says on the tin. Questioning why car insurance has increased over the years, it looks at certain things we could do, to bring down the price of car insurance.
Have you heard about how your credit score can help with your ability to get a better interest rate or tackle online fraud? Join this webinar to understand the importance of knowing your credit score and all the benefits it can provide.
A starting point for anyone looking to get their finances in order. We talk about the importance of setting financial goals, being SMART and the principles of budgeting.
My Money Matters also gives their members access to Snoop, a must-have money management app designed to bring all your accounts together to make it easier to track your spending, set budgets, cut your bills, control your finances, and find smart ways to start saving money.
Join us this Time to Talk Day to break the taboo of talking about mental health and money.
If you are currently struggling with your mental health and need to talk to someone, there’s resources available to you.
Get advice from 111 or ask for an urgent GP appointment
Talk to the Samaritans by ringing 116 123 or emailing jo@samaritans.org
Text “SHOUT” to 85258 to contact the Shout Crisis Text Line
Visit Mind to find information or support for your specific situation, or visit their Get Help Now page for crisis resources
*Free help and advice about managing your debts is available by contacting the Money and Pensions Service via its website, https://maps.org.uk.
Sources:
Mind April 2022, The link between money and mental health, https://www.mind.org.uk/information-support/tips-for-everyday-living/money-and-mental-health/the-link-between-money-and-mental-health/
IFA Jan 2025, Financial worries impact mental wellbeing for more than half of UK adults, finds Schroders Personal Wealth, https://ifamagazine.com/financial-worries-impact-mental-wellbeing-for-more-than-half-of-uk-adults-new-schroders-report-shows/
NHS 2025, Money worries and mental health, https://www.nhs.uk/every-mind-matters/lifes-challenges/money-worries-mental-health/
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