World Mental Health Day 2024

We’ve previously highlighted the impact that the pandemic had on people’s mental health – but what about now?

Despite international awareness improving year on year, it is still a topic that all too many of us brush under the carpet – of all adults with a mental health problem, only 1 in 8 get any kind of treatment.

In 2023, NHS England spent £217.5 million on medication to treat depression and anxiety, which is a significant decrease from the £346.4 million spent at the onset of the Pandemic in 2020. Whilst this statistic sounds like a possible improvement, the reasons behind it aren’t clear. Is it due to less demand for treatment because people’s situations had improved, or because fewer people felt comfortable seeking help, or simply that funding wasn’t there? It’s difficult to know, but regardless, there is still a long way to go…

In 2022/23, there were an estimated 875,000 workers suffering from work-related stress, depression or anxiety, resulting in 17.1 million working days lost. In monetary figures, this costs employers in the UK an estimated £42 billion to £45 billion annually through presenteeism, sickness absence and staff turnover.[1]

Did you know that in the UK, the term ‘How to reduce stress’ is searched on Google once every 10 minutes, on average in 2024.[2]

Sadly, the rise of mental health issues amongst younger people is the starkest. You may have already guessed that the key cause of this is due to the heavy use of social media. A study by the Mental Research Foundation highlighted that 49% of 18-24-year-olds have experienced high levels of stress, caused by the constant need to compare themselves to others. This was higher than in any other age group.

Those least likely to seek help are the over 65s, with an estimated 85% of those suffering from depression receiving no help at all from the NHS.

Whatever the age demographic, gender or background, what is clear is that mental health struggles are prevalent in all walks of life. Whether it stems from work, relationships, health or money – it affects each person in different ways. The Mental Health Foundation does a great job here at breaking down the factors that can impact people.

Mental health struggles relating to money worries is something that we are particularly interested in, as you would expect. “When an individual struggles with long-term financial concerns, they are 5.5 times more likely to experience a mental health problem, compared to those who did not report any financial concerns”[3]. If we can provide you with any guidance or clarity, please just get in touch via our contact form, or speak to your usual adviser. This can be anything from concerns over income in retirement, to making sure your family will have enough to live on when you’re no longer here, whatever it is, we’re here to help.

If you would like to understand more about the impact that your financial situation can have on your mental health, I highly recommend taking a look at the Money and Mental Health Policy Institute – an organisation founded by Martin Lewis.

Simple yet small steps, it all helps…

Do something for you – self-care is an easy term to throw around, but how often do you really make time for yourself, and do something that brings you happiness? Setting goals, learning new skills, whatever it is that interests you.

Pay attention to your diet – did you know that people who stick to what’s known as traditional diets, such as the Mediterranean diet, are up to 35% less likely to suffer from depression, compared with those who eat a Western diet. If you’re someone who struggles with sleep, improving your diet could also have a positive impact on your sleep too.

Practice mindfulness – don’t worry, this doesn’t mean that you’ve got to become an expert in meditation! Mindfulness is simply learning to take moments to reset and be present. Take a look at the NHS Every Mind Matters tips on mindfulness.

Have a Power of Attorney in place – a more practical yet easy step that can provide you with peace of mind should you want to delegate your financial affairs to someone else if it gets too much. You may never use it, but it is worth having it as a backup. If you are a client of Dennehy Wealth, just contact your usual adviser about getting this in place.

If you would like to see where you can go to get more support for yourself or a loved one, take a look at the Hub of Hope which quickly identifies resources local to you.

What can you do to help?

If you would rather support one of the vital charities supporting people who suffer with mental health issues, you can donate via one of the links below: