The Link Between Financial Difficulty And Suicide
Did you know that people who are in problem debt are three times as likely to experience suicidal thoughts?
Not only that, but over 100,000 adults in problem debt will attempt suicide every year.
These are worrying, yet unsurprising statistics linking financial difficulty to mental health. People in problem debt can worry about keeping up to date with bill payments, losing their home and providing for their family. Without addressing it, they can fall deeper and deeper into debt. It can lead to anxiety, depression and so often, suicidal thoughts. Even a call from a mortgage company or energy provider can trigger suicidal thoughts.
Here’s an experience of a married couple, Kelly and Tom, who racked up a lot of problem debt. It all started when Tom was made redundant.
How Financial Difficulty Can Lead To Suicidal Thoughts
Following Tom’s redundancy, he was having suicidal thoughts. Kelly didn’t know what to do. But, she did know that Tom’s thoughts and feelings were symptoms of their financial difficulties. In a last-ditch attempt to resolve things, Kelly approached Assured Wealth. She wanted help organising finances and gaining clarity on their financial future.
One of the reasons to choose a Financial Adviser is their ability to look at situations objectively and neutrally. And even better, they enjoy playing devil’s advocate, which is what we did with Kelly and Tom. We took a close look at their spending and provided ways which they could cut back before Tom found another job. We asked awkward questions that we knew would help them make all-important changes in their lives.
As a result, we stopped Kelly’s pension contributions for a period. We also changed their mortgage to include some debt consolidation, which would buy them more time. Plus, we put wills and powers of attorney in place, should the worst happen to either of them.
Tom and Kelly are now on a clear journey to living debt-free. Tom has multiple job interviews lined up. And when he lands his next job, it will mean the road to being debt-free will be an even shorter one!
How Can You Achieve A Debt-Free Life?
Do you want to get on the road to a debt-free life? Spark a conversation with Assured Wealth today by calling 01925 396 122 to book a FREE 1 hour review.