In the world of financial advice, brokering and property deals, a hidden battle often slips under the radar: the profound connection between debt, money and mental health.
Navigating the turbulent waters of mental health challenges and the complex realm of finance, I find myself at the crossroads of two seemingly distinct worlds.
As a former mental health nurse specialist with two decades in the property industry as an investor and, more recently, as a broker, I have come to understand the deep impact debt can have on mental wellbeing.
The financial landscape is a tricky one, and its effects on mental health are far-reaching.
Having personally weathered the storm, I've felt the crushing weight of debt alongside severe mental health challenges. As a survivor of suicide, I recognise the urgent need for advisers and brokers to understand the interplay between these two realms.
The connection between debt and mental health is undeniable; debt often becomes a breeding ground for anxiety, depression, and various mental health issues.
Financial strain is more than just a numerical burden; it's a palpable, soul-crushing force that infiltrates every aspect of one's life.
Advisers and brokers must acknowledge that their clients are not mere portfolios but human beings with emotions, vulnerabilities, and, at times, silent battles.
From my dual perspective as a former mental health professional and broker, I urge my colleagues to approach their clients with empathy and an understanding of the emotional toll that financial struggles can take.
Recognising the signs
A holistic approach to providing advice should extend beyond application forms, spreadsheets and interest rates to encompass the personal situation of the client.
Advisers must recognise the signs of mental distress in their clients.
Financial difficulties often manifest in subtle behavioural changes; a client who was once prompt with payments may start missing deadlines, or their communication may become strained.
Ghosting is common among those who simply cannot cope with more calls, emails and letters.
Avoiding calls and taking time to respond is often a survival tactic when the weight of the situation becomes unbearable.
These subtle cues should not be overlooked, as they may signify deeper struggles that require a compassionate and supportive response.
The need for self-care
Equally important is the wellbeing of the advisers themselves.
Providing financial advice and brokering services can be demanding, with pressures to meet targets and navigate the ever-evolving market.
Meeting customers' expectations is a high-stakes game in a financial climate where interest rates and lending criteria have changed so frequently.
Helping clients get the services they need has never been more challenging for those in financial services.
At the front line, it’s the adviser who must deliver the good (or bad) news on the results of a client's mortgage or loan application.
It's not easy telling someone their critical funding line has changed or been pulled altogether, yet this has been a regular occurrence in 2023 as a result of so many interest rate hikes and product changes.
