Martin Lewis charity warns 100,000 people a year struggling with debts attempt suicide

Martin Lewis charity warns 100,000 people a year struggling with debts attempt suicide The Money and Mental Health Policiy Institute is calling for banks to do more to spot early signs of financial crisis among customers in debt More than 100,000 people in England struggling with debts have attempted suicide in the past year, according to stark figures from a charity set up by consumer champion Martin Lewis. A new report also estimated that over 400,000 with money issues have considered taking their own lives. People in problem debt are three times more likely to have considered suicide than people who are not, it adds. The Money and Mental Health Policy Institute, which published the figures on World Suicide Prevention Day, says it can be hard for those in debt to tell anyone or ask for help. The authors of the report, entitled A Silent Killer, say there is rarely one single factor that drives people to take their own life but that long-term financial difficulties can add to them feeling trapped. “Living in persistent poverty or with financial insecurity can exhaust a person and lead to social isolation,” the charity says. “The stigma around problem debt means people often suffer alone. “Sudden financial triggers can also lead to suicidal thoughts and behaviours. An unexpected income shock, insensitive or aggressive collections practices or the rapid accumulation of fees, charges and interest on debts can challenge a person’s sense of self, their role in their family and their sense of security, and leave a person feeling like a burden or hopeless about the likelihood of resolving their situation.” The report says banks have a “critical opportunity” to look out for warning signs “because of the unique insight they have into people’s finances.” Banks can spot and intervene when customers may be experiencing debt problems or income drops which can contribute to suicidal thoughts and feelings, it adds. The charity has set-up a Suicide Prevention Action Lab which is working with five major firms - Barclays, HSBC UK, Lloyds, Monzo and Nationwide - to develop and test new ideas. Mr Lewis, chair of the Money and Mental Health Policy Institute and founder of Moneysavingexpert, said: “The stark fact is over 400,000 in England alone consider taking their own life due to financial problems each year, and 100,000 attempt it. The link between mental health difficulties and debt is a marriage made in hell – they feed off and cause each other. Long term money worries grind people down, and aggressive debt collection practices can leave them feeling completely hopeless.” He went on: “Banks didn’t cause all these problems, but they are in a unique central position in people’s financial lives, and we want to see if it’s possible to take advantage of that to be able to spot when customers are in trouble and urgently direct them to the right support.” Lucy Rigby MP, economic secretary to the Treasury, said: “Financial worries and mental health challenges too often go hand in hand. I have seen firsthand how the industry can make a real difference to people’s lives through concerted action and I am very hopeful that this excellent project will help us find new ways to support people before they reach crisis point.” 'I found myself slumped down by the fridge and having dark thoughts humans can have and considering taking my own lives' Lee Brookes, 49, says his money troubles got so bad that he considering taking his own life in 2023. The software consultant from Greater Manchester says his difficulties stemmed from having bipolar and a personal disorder. "One of the things with my personality disorder is you become very flippant with money," explained Lee. "The amount of money I was spending was out of control. I started to get very unwell so I also wasn't able to earn as much as I should have." It led to married Lee raking up debts with credit card providers and payday lenders. Recalling a low point, when everything became too much, he said: "I found myself slumped down by the fridge and having dark thoughts humans can have and considering taking my own life. There have been three times when I have come close to suicide. It happened when the letters from the lenders and debt collectors piled up. I had carrier bags full of them. I wasn't sleeping - I hadn't properly done so for years." Thankfully Lee made the crucial decision to call a mental health crisis line, where someone was able to intervene. It eventually led to him contacting a debt charity which was able to help him through the process of being declared bankrupt, having at that stage amassed debts of £26,500. Lee has now been able to repay his debts and, through various coping strategies and with the support of his partner and others, has steered clear of problem debts. "It's a permanent battle", he admits. For mental health support, contact the Samaritans on 116 123, email them at [email protected] or visit samaritans.org to find your nearest branch.