Debt and Mental Health

Updated: Apr 1

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 0300 777 0107

StepChange Debt Charity 0800 138 1111

Citizens Advice (England & Wales) England: 08444 111 444 Wales: 08444 772020

Money Advice Scotland 0141 572 0237

Citizens Advice (Scotland) 0131 550 1000

National Debtline 0808 808 4000

Citizens Advice (Northern Ireland)

The Money Advice Service 0800 138 7777

Mental Health helplines:

Samaritans 116 123, email (24/7)

CALM 0800 58 58 58 (nationwide), 0808 802 58 58 (London) + webchat (5pm – midnight daily)

Papyrus HOPELINEUK (under 35s with suicidal feelings) 0800 068 4141 (weekdays 10am-10pm, weekends and bank holidays 2pm-10pm), email, text 07786 209 697

Shout 85258 (24/7 text service)

The Mix (under 25s) 0808 808 4994, text THEMIX to 85258 + webchat (4pm-11pm daily)

Other useful resources:

Mental Health and Money Advice

Mental Health Foundation 020 7803 1101

Mind 0300 123 3393


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ilumoni is a trading name of Monely Limited registered and regulated by the Financial Conduct Authority (928933 and 928681), registered in England and Wales (Company number 11886611), Registered Office: The Barnsley Digital Media Centre, County Way, Barnsley, S70 2JW

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