Zoe Lafferty, People Operations Director at Evergreen Finance London Ltd, parent company and FCA-authorised lender behind Moneyboat, and an MHFA England® certified Mental Health First Aider, reveals three subtle signs that someone may be struggling financially and shares advice on how to help.
“Financial struggles affect more than someone’s bank balance, they can take over their day-to-day life, impacting their wellbeing and behaviour. As your loved ones may try to hide their problems, recognising the warning signs can make a difference.”
3 quiet signs of financial stress:
- Changes in financial behaviour
“If someone is unusually secretive about their finances, gets upset over small costs, or spends without thinking as a way to deal with stress. They may also ask to borrow small amounts of money regularly. This could be a sign of bigger problems.”
- Socially withdrawn
“Not responding to messages, cancelling social plans, or avoiding situations where they have to spend or talk about money.”
- Noticeable anxiety or sadness
“A person struggling with finances may always seem to be worried, irritable, or in a bad mood. They may also have trouble sleeping or focusing.”
5 ways to support someone you suspect may be struggling with money issues
- Talk to them without judgment
“In a calm environment, gently explain that you have noticed they’re stressed and are there to listen. Restrain from giving them advice straight away and allow them to talk for a while so they know they are being heard.”
- Suggest small, doable steps
“It can be hard to deal with big money problems. Suggest breaking things down, like making one phone call or opening one bill they have been avoiding.”
- Help them get professional help
“There are lots of services that can help them with free professional advice, such as StepChange Debt Charity or Citizens Advice, confidentially and impartially.”
- Help them with their mental health
“Encourage habits that can improve their sleep and wellness, like exercise and spending time outside. If they’re struggling to do basic things, suggest seeing a GP or mental health professional. There are also national and local charities that they can contact online.”
- Keep in regular contact
“Money problems can make you feel alone. A quick message or a regular check-in can reduce loneliness. Make sure to suggest a low-cost or free way to spend time together so they don’t feel excluded.”
“If you or someone close to you is struggling with mental health problems because of your financial situation, it’s important to seek professional help. Free confidential support from money and mental health charities is available nationwide to help you take control back and move forward.”
