9th October 2020 | 1 minute read

Debt and Mental Health

This time last year, N26 released research that found that 18 million people in Britain worry about money daily. That’s over 1/3 of the adult population. Nearly 1 in 5 (9.5 million) have mental health issues as a direct result of financial anxiety and those aged 25 to 34 are particularly affected, with two-fifths saying their sleep is regularly disrupted by money worries.

Citizen’s Advice research found that people with unmanageable debt are 24% more likely to experience poor mental health and identified that “debt both contributes to, and is a product of, poor mental health.”

This link between our financial wellbeing and our mental wellbeing won’t come as a surprise, with many of us affected by money worries at some point in our lives.

It's also one of the main driving forces behind why we created ilumoni.

There are many things ilumoni can’t influence, but we can help you to make sure you borrow well. That may be by helping you to understand your debt better, pay it off sooner, reduce the interest you pay, or simplify your borrowing. ilumoni shows you how making affordable changes to your payments or switching to a provider you are eligible for with terms that are better for you can reduce the impact of debt.

We hope that by providing a tool that shines a light on your borrowing, we can help people take control of their borrowing and manage it better, which in turn goes some way to alleviating their money worries. It’s also why ilumoni will always be free to use.

If you are worried about your debt and/or mental health, the organisations on our Debt Helplines page can provide practical advice and support.

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*As referenced in the FCA's financial lives report and/or the credit card market report.