Although the content of the article(s) archived were correct at the time of writing, the accuracy of the information should not be relied upon, as it may have been subject to subsequent tax, legislative or event changes.
Important Notice
Although the content of the article(s) archived were correct at the time of writing, the accuracy of the information should not be relied upon, as it may have been subject to subsequent tax, legislative or event changes.
- News
At some point, one in five of us will think about ending our life.1 Finding yourself in problem debt is a known suicide risk, but who do you talk to if you feel there’s no way out? It’s National Suicide Prevention Day on Tuesday 10 September – here’s where you can turn to find support.
At a glance
According to the Financial Capability Strategy for the UK, nearly nine million people are in serious debt, but only about a third reach out for, and receive help.1
Problem debt, or a sudden life crisis that results in a serious loss of income, can make people more likely to see suicide as their only option.
Suicide support organisations are clear that talking openly about money difficulties can save lives.
Finding yourself in financial difficulty is a known suicide risk. The prolonged cost of living crisis has had a far-reaching effect on our personal finances. We’re borrowing more, and saving less – a trend which may take years to reverse. Last year, the Money and Pensions Service reported that over eight million people needed debt advice and almost half of those people said that they wouldn’t be able to pay an unexpected bill over £100.2 High costs and higher than average interest rates affect us all – but for some, the cost may make them think of taking their own life.
A life-threatening level of debt
Almost all of us owe money; from a student loan to repaying a mortgage or car financing. But if you’re suddenly blindsided by a redundancy, or a relationship breakup, your normal debt can escalate into a problem debt in a matter of weeks. Debt isn’t choosy. Suddenly discovering you’re living beyond your means is devastating and destabilising – whether you’re a high earner or a low income family.
According to research by National Debtline, nearly one in two people were worried about their personal financial situation at the start of 2024, and 17 million people expected to be in a worse situation by the end of the year as opposed to 2023.3 It’s an iceberg of debt, with much of it below the waterline –the deeper the debt, the harder it can be to talk about. Hannah Coffey, SJP’s Vulnerability and Client Assistance Manager, says anybody, regardless of their wealth or income, can feel a rising sense of panic when feeling squeezed financially. The link between money, mental health and suicide is, sadly, a clear one.
A person who is thinking about taking their own life is often overwhelmed by a perfect storm of several life events. Losing your job, breaking up with someone, falling victim to a scam or getting a life-threatening diagnosis, can all leave people vulnerable and often too distressed to focus on paying bills, or sorting out taxes.
Why men can be significantly more at risk than women – and harder to reach
There is a stark gender bias embedded in suicide rates. In 2022, the ONS reported that that men represent three quarters of UK suicides.4 This has consistently been the case since the mid Nineties, with men in their fifties more at risk. Men are also more likely to complete suicide than women, and if they are the family breadwinner, they often feel personally responsible for the welfare of their whole family.
Feeling as though they’ve not made good financial decisions and got the family into debt can feel like a huge failure. Sharing that may feel too shameful or embarrassing to think about.
Trans and non-binary folk may also be at higher risk, since they often face specific risk factors including stigma, prejudice, or discrimination.
Using the ‘S’ word – starting a conversation about suicide
“Every suicide is preventable, and every single financial problem is resolvable.“ Money and Mental Health Organisation
Suicide support organisations are clear that a high number of potential suicides could be prevented if we start talking openly and sensitively about those dark thoughts. If you’re worried about someone you know – if they seem withdrawn, distracted, and not themselves – it’s time to let them know you’re there for them to talk to. And don’t be afraid to actually say the words: ‘Are you having suicidal thoughts?’ This year’s World Suicide Prevention Day theme highlights the need to talk openly, and advice on how to start the conversation, and words you can use.
CALM, the Campaign Against Living Miserably, is a UK charity that helps young people experiencing suicidal thoughts and is supported by the St. James’s Place Charitable Foundation. CALM says checking in with people is the biggest step we can all take to prevent people completing suicide. Hector's House, a suicide prevention charity which also supports young people, was founded by an SJP Partner and is available for confidential support 24 hours a day.
Every day could be Suicide Prevention Day
Many of us find it hard to talk about money, even in the good times. So it’s perhaps not surprising that we can find it even harder to start a conversation with someone who’s in difficult circumstances. Talking about money, openly and honestly is what financial advisers do: day in, day out. An adviser can open a conversation and ask direct questions about money that might feel hard. Just talking money issues over with an adviser can be a real weight off someone’s shoulders.
A financial adviser is never a counsellor, but many have close, lifelong relationships with their clients, and know their families. They may spot a danger sign that something’s not right, even before it shows up at a regular review, and can support with empathy as well as practical, independent advice.
If you’re worried about someone you love, check in with them. Just a quiet word may be help someone more than you know.
If you’re having suicidal thoughts, or your think someone you love is, you can call the Samaritans helpline free – day or night, 365 days a year – on 116 123, or email them. And the NHS is always there if you need help urgently. Find them here.
If you need help starting a conversation, check the advice given on the World Suicide Prevention Day website.
There are also some debt support charities and organisations that can help - MoneyHelper on 0800 011 37970 has information, and Stepchange for debt management.
Sources:
1Fincap – accessed May 2024
2Money and Pension Service – accessed May 2024
3National debtline survey, based on a 2023 Opinium survey of 2,000 adults - accessed May 2024
4Office for National Statistics – accessed May 2024
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