Shining a light on unhelpful dark feelings over finances

The study from Bupa found that, for many, depression is not just a fleeting emotion but a constant battle – with 63 per cent describing it as an ongoing fight in their minds.

Six in ten adults questioned about their depression said they felt as if nothing would ever get better. The research also found that effects are so overwhelming that just over a quarter regularly avoid seeing family and friends, leading to further isolation.

Dr Naveen Puri, medical director at Bupa Insurance, says: “Our research shows how depression can become a lonely cycle, reinforced by a lack of understanding. Financial stress can play a major part in that cycle. Worrying about money doesn’t just add pressure, it can deepen feelings of hopelessness, isolation, and low self-worth.

“When everyday life already feels overwhelming, financial worries can tip the balance. To break the cycle, we need to acknowledge how mental and financial health are closely linked. And ensure people have access to both emotional and practical support.”

Bupa says its study challenges the common misconception that depression is something people can simply overcome. Some 68 per cent of those affected said it’snot something you can just “snap out of”, while66 per cent highlighted how their struggles are often invisible to others.

The toll of depression is not just on people’s mental wellbeing, with 70 per cent of those surveyed reporting significant disruption to their motivation, their ability to sleep and even their physical health, according to the research.

Dr Puri describes depression as “an invisible struggle” that sadly many people have personal experience of or know someone who has suffered. She adds that people taking up small helpful habits, building strong social connections, and seeking medical support can help to reverse the cycle, saying: “It’s important for all of us to listen, learn and offer genuine support.”

Bupa recently gathered a panel of experts for the latest in its Inside Health event series, aimed at breaking down the stigma surrounding depression and mental health. The virtual event was hosted by Dr Zoe Williams, GP and TV medic, who was joined by TV presenter Matt Johnson, who shared his personal experience with depression over the past 20 years. Kiren Kaulder, head of therapy services at the Priory Hospital North London, offered clinical insight around the cycle of depression and symptoms.

Money worries can be felt by anyone, but those who face financial exclusion can suffer more than others. And people without bank accounts are among the most vulnerable when it comes to finance. Research published by Citizens Advice Scotland earlier this year emphasised the scale of work required to tackle financial exclusion.

Its Holding to Account report found that basic bank accounts are too difficult to access. It said that of the 12 banks which are supposed to offer these no-frills accounts, only two do so in a way that is “readily accessible”.

And the Financial Lives Survey 2024, published by regulator the Financial Conduct Authority in May, found out that while the number of “unbanked” people in Scotland had fallen from 3 per cent in 2022 to2 per cent last year, this was still higher than for the UK as a whole, where the figure for 2024 was 1.6 per cent.

The regulator’s research also showed that one in four people in the UK have low financial resilience, meaning that they have missed obligated payments, are struggling to keep up with their commitments, or don’t have savings to help them through difficulties.

In Scotland, 23 per cent of people have low financial resilience – small savings, a heavy burden of domestic bills/credit commitments, or financial difficulties – down from 26 per cent in 2022. Some 12 per cent of Scots found it burdensome to keep up with domestic bills and/or credit commitments, an improvement from14 per cent in 2022.

Almost a quarter of Scots were in the precarious position of not being able to cover their living expenses for more than a month without having to borrow money or ask for help from friends and family.

And 49 per cent of people north of the Border showed signs of vulnerability, such as low resilience, low capability, poor health, or having experienced a negative life event in the last 12 months.

Maureen Evans, executive coach and movement teacher, says: “I use walking coaching to help my clients think about problems in different ways. There’s evidence that movement also helps with depression. The NHS states exercise is especially useful for mild to moderate depression.

“However, if you’re supporting a friend, it’s important that they take itat their own pace as they build up any exercise programme, and that they choose a form of exercise that they have enjoyed in the past or might enjoy now. Someone to exercise with is really useful, as you’re both more likely to stick with it if you’re doing it together.”

Five key ways to give support

As part of the Inside Health campaign, Bupa encourages people to consider these five key ways to support those who may be experiencing depression:

1 Listen carefully without judgment

Sometimes, just being there to hear someone can make a huge difference, so try to create a safe space for those who may be going through depression. You don’t need to offer solutions, just listen.

2 Educate yourself

Take the time to learn more about what depression actually is and understand the different symptoms.

3 Offer practical help

Instead of “let me know if you need anything”, suggest specific ways to help, such as picking up their groceries or accompanying them on a quiet walk.

4 Be patient

Understand that recovery is a process – there will be good days and bad days. Just continue to be a consistent source of support.

5 Encourage engaging professional help

Gently suggest seeking support from a doctor or therapist. This isn’t about telling someone what to do, but letting them know there are people who can help and underline the fact that they are not alone.