Money and mental health – can we separate the two?

The link between money and your mental health

Money and mental health walk hand in hand. In SJP’s Financial health Report 2025, one in four people said they felt anxious about the upcoming 12 months, with 28% of this group sharing that their concern relates to keeping up with rising energy bills.¹ A fifth (20%) are worried they are not saving enough to be financially secure now and in the future.

Money is an essential part of our daily lives so it’s easy to see why it plays on our minds. We might spend more than we intended on a grocery shop, worry if an unexpected bill comes in, or edge into the red at the end of the month. It’s very normal to “freeze” in these situations; perhaps avoiding the bills or checking your bank balance. But ignoring the situation can lead to matters getting worse. It’s best to tackle the situation head on and make a plan to get you back on track - not let things spiral out of control. Talking this through with a family member or close friend can help with this.

When it comes to planning financially for life changes, like buying a house, changing career or preparing for retirement, it can feel overwhelming. Finances shouldn’t be something to be scared of, and most of us pick up our knowledge of money and our financial habits throughout life, learning as we go, without formal training or education.

This leaves many of us unprepared to navigate their finances without spending significant time and energy doing research. Often, it's hard to understand or boring to engage with and that’s where a financial adviser plays a key role and can help you.

Helping people understand their finances

SJP Partner Dave Southby switched career to become a financial adviser because he wanted to help people change their lives, find their purpose and reach their goals.

Right from the outset he recognised the link between money and mental wellbeing: “You can’t do this job and not realise the impact finances have on our mental health,” he says.

“A lot of people imagine that they don't or can’t understand finances. Helping them not only understand how money works, but how it directly influences their direction in life is really rewarding.“

In just three years, Dave’s built a highly successful financial advisory practice, but he’s also well known in his community for his free financial ‘drop-ins’, where anybody can ask for help with managing their money.

As a Mental Health First Aider, Dave and his team are equipped to recognise the signs of mental health struggles and provide crucial support, ensuring that clients feel both financially and emotionally supported.

“If we can leave our local community and our little part of the world in a better place, then why wouldn't we?” he says.

Advice in action

Dave started doing free, quarterly financial advice ‘drop-ins’ at his local community centre just six months after he launched his practice. “Everybody’s welcome, from pensioners to teenagers. People come with armfuls of paperwork sometimes and say, ‘I just don’t know what to do or where to start.’”

“A lot of people that come are understandably very anxious about sharing information and they’re on their guard. I started my drop-ins because many people really don't know where to turn for advice, especially in a crises. They don't know who to trust, they bury their head in the sand, hope the bills will go away, until it feels like it’s too late.”

Dave’s drop-ins are now a regular event at the local community centre and other venues, helping people to have confidence that they can manage money. Many other SJP Partners are also out in their communities, schools and colleges, sometimes working with children as young as five. The hope is that by sharing good money habits and skills, more people will feel money-confident and empowered.

How financial advice can improve your mental health

This year’s theme for Mental Health Awareness Week is 'Community', and one of the most powerful ways we can help improve lives and mental health in society is by proactively championing financial literacy out in the communities around us.

We recognise that we can use our influence to make a lasting difference to peoples’ lives. Whether that’s through no obligations drop-ins, workplace pension seminars or delivering financial education in schools as well as supporting those in need through our SJP Charitable Foundation.*

The St. James’s Place Charitable Foundation

Dave is also trustee of mental health charity The Kelly Foundation, one of over 900 charities supported in the last year by the St. James’s Place Charitable Foundation.

Almost three quarters of SJP’s 2,800 employees and 4,920 Partners actively volunteer and fundraise for the Foundation’s charities. The money raised is matched by SJP and enabled the Foundation to grant over £8.8m last year. In our 2025 employee survey, 68% of respondents said volunteering had improved their own sense of wellbeing and happiness.²

"It's now estimated that one in four of us will experience a mental health disorder each year.” says Catherine Ind, Head of the St. James’s Place Charitable Foundation.

“We’ve seen a year-on-year increase of funding to this area. Last year, 11% of our funds went to support mental health projects across the UK. Some of these were in support of people impacted by financial challenges in their lives, for example, Tenovus Charity we are supporting the salary of a Welfare Benefits Officer who can provide financial guidance for people navigating the financial challenges often associated with living with a cancer diagnosis. We are also supporting the award-winning charity

Mybnk, with a grant to support their Money Works programme, a financial and digital skills programme for young adults moving into independent living to confront their money worries and move forward with a more positive future. Providing timely support is essential to reducing crises situations and enabling people to move forward in a more positive and hopeful way.”

It’s good to talk money

Nobody’s born knowing how to manage their money, but the more you know, the calmer and more in control you feel over one of the key aspects of your life.

Talking about money, openly and honestly is what financial advisers are trained to do. But they’re also there to help you make sense of your financial situation and how they can help you achieve your goals. Our financial advisers strive to build close, lifelong relationships with clients, and know their families too. If you’re not sure where to start, talking about money issues with an adviser can be a real weight off your mind.

Anxious about money? Don’t be a stranger – talk to one of our financial advisers in complete confidence. Get in touch today.

Further support

There are lots of other expert organisations helping people to earn about and manage their money. 

• The Money Charity – learn about money and financial products
• Money Saving Expert – get financial tips and guidance
• Money Helper – free guidance on money, pensions and more
• Step Change – free debt help and advice
• Money Advice Trust – free debt advice

Past performance is not indicative of future performance.

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up.  You may get back less than you invested. 

Sources
¹SJP Financial Health Report 2025 conducted by Opinium who surveyed 6,000 UK adults nationwide in two polls between 23rd December 2024 and 17th February 2025. Quotas and post-weighting were applied to the sample to make the dataset representative of the UK adult population.
Previous years’ research was also conducted by Opinium - among 6,000 UK adults between 16th – 25th October 2023.
²SJP Financial Health Report 2025 - based on 128 employees responding to our survey. It was run in January 2025 based upon volunteering that took place in 2024.

*For more information on the St. James's Place Charitable Foundation and to find out how to apply for a grant please visit the St. James's Place Charitable Foundation website. Registered Charity Number 1144606