Money is rarely far from our minds and when we don’t understand our finances or don’t feel in control of our money, it can impact our mental wellbeing. As part of Mental Health Awareness Week (12 to 18 May 2025), we examine how raising levels of financial literacy in our communities is vital to improving wellbeing in society.
At a glance
- Money worries are one of the key factors influencing our mental wellbeing.
- Supporting people in our communities to understand their finances can help take a weight off their minds.
- Financial advisers are a key support for you – both practically and emotionally – helping you understand budgeting and keeping on track financially to meet your life goals.
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. But 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 mortgages, manage investments or calculate our retirement fund 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
“I think money issues have a massive impact on people’s sense of direction, purpose, and self-esteem.” Andrew Williamson, Director at Capstone Financial.
Andrew recognised early in his career 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.“
“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.
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 obligation initial meetings, running employee financial wellbeing workshops or raising money for charitable causes.
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, just talking money issues over with an adviser can be a real weight off your mind.
Concerned about your finances? 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
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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.