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 below can provide practical advice and support.
For money worries, all of the following will help you for free:
AdviceUK www.adviceuk.org.uk 0300 777 0107
StepChange Debt Charity www.stepchange.org 0800 138 1111
Citizens Advice (England & Wales) www.citizensadvice.org.uk England: 08444 111 444 Wales: 08444 772020
Money Advice Scotland www.moneyadvicescotland.org.uk 0141 572 0237
Citizens Advice (Scotland) http://www.cas.org.uk 0131 550 1000
National Debtline www.nationaldebtline.co.uk 0808 808 4000
Citizens Advice (Northern Ireland) www.citizensadvice.co.uk
The Money Advice Service www.moneyadviceservice.org.uk 0800 138 7777
Mental Health helplines:
CALM www.thecalmzone.net 0800 58 58 58 (nationwide), 0808 802 58 58 (London) + webchat (5pm – midnight daily)
Shout www.giveusashout.org 85258 (24/7 text service)
The Mix (under 25s) www.themix.org.uk 0808 808 4994, text THEMIX to 85258 + webchat (4pm-11pm daily)
Other useful resources:
Mental Health and Money Advice www.mentalhealthandmoneyadvice.org
Mental Health Foundation www.mentalhealth.org.uk 020 7803 1101
Mind www.mind.org.uk 0300 123 3393