STUDENTS, MONEY AND MENTAL HEALTH Brought to you by the Student Advice Service
STUDENTS, MONEY AND MENTAL HEALTH you have coming in. Easy, right? Well… easily said, but not so easily done! If it was that easy no one would ever have a problem with their finances.
Being a student, managing your money and maintaining your mental health is a challenge, but it’s not impossible. This guide is intended for students with mental health issues, however the content can also apply to students who do not necessarily identify themselves as having any mental health concerns. Challenges of being a student Whilst being a student you are likely go through various life transitions and these can be difficult to get through emotionally as well as financially. If you are struggling, feeling unhappy, or believe that you can no longer cope with money worries – you don’t need to keep it a secret. You can contact the university’s Student Advice Service for impartial and confidential advice and support. Money Management and Wellbeing The basics to money management is balancing your income against your expenditure and not spending more than
Mental health
Money problems
Whether you are a student or not, having money or debt issues can increase your stress and anxiety; likewise if you have problems with your mental health this can fluctuate and at times managing your finances can be more difficult. In either situation a problem with your finances may be the trigger for you to realise that there are wider issues which you needs to address. A www.moneysavingexpert.com survey in 2014 found that 36% of people who have had or continue to have mental health problems have severe or crisis debts. Whereas only 6% of people who report to have never had mental health problems find themselves in severe or crisis debt.
Financial wellbeing Financial pressures
Financial means
Financially capable behaviours managing money well day-to-day
Preparing for and managing life events
Dealing with financial difficulties
Enablers and inhibitors Connection Ease/Accessibility Internal capability Mindset Attitudes/Motivation CONNECTION Skills/Knowledge
Negative influences
Positive influences
Financial capability Taken from Financial Capability in Wales 2015: Initial results from the 2015 UK Financial Capability Survey
How money worries can impact your student life Some of the most common ways students who are struggling with money are affected are: • Depression; feeling out of control and unable to change your situation • Anxiety of debt • Isolation • Afraid to ask for help
Your finances are often neglected if you are struggling in other areas of your life. However, not managing your money could impact on you whilst at uni and beyond. For example, if you don’t pay your bills you could end up in debt and this will affect your future spending. Or if you are worrying about money this can get in the way of concentrating on your course; the main reason for being at uni.
Vice versa, some of the most common ways in which students with mental health conditions are affected financially are: • May not be able to undertake paid parttime work • May not be able to make informed financial decisions • Not be able to monitor spending • Don’t pay important bills • Don’t open important letters • May incur additional expense paying for treatment, eg Counselling. • Isolation • Afraid to ask for help
If this is the case then the quicker you speak to someone who can help, the quicker you are to a solution.
What should I do if I have problems with my money? If you are struggling with your money, for whatever reason, there are practical steps that you can take to begin to take control of your situation and help yourself. It may seem obvious but working out where you are can help you work out how to get to where you need to be. • Work out what money you have coming in and when this is going to be paid to you. • Is there a way to increase your income? • Work out where your money is going; are there costs you could cut? • Work how if you owe any money; to whom and what for. • Create a workable budget to move forward.
Where can I get help? Money and mental health isn’t something that people openly talk about a lot. Many find it difficult to admit they are struggling and worry about being stigmatised. It can also be easy to blame something else and miss the warning signs that there is a problem. For some students they just don’t know who to turn to. But there are confidential services at the University of Brighton which specialise in helping students with exactly these types of issues. The Student Advice Service should be your first port of call, provision is available at every campus and more information, including contact details can be found online at www.brighton.ac.uk/current-students/ my-finances
DEBT AND MENTAL HEALTH Mental health problems can make dealing with money difficult and problems with money can cause mental health problems such as stress, anxiety, and depression. If you have metal health problems you may find that your motivation, judgement, and income may be affected. This could cause you to miss university lectures or seminars, placement, or work and have a detrimental effect on your time at the University of Brighton. In our most recent ‘Winn Report’ Student Finance Survey 2014, a research study investigating the current financial situation of 2nd year students at the University of Brighton, 18% of respondents were very worried and 46% were fairly worried about debt now. In 2013, the proportions respectively were 14% and 44%. However, only 11% of students had accessed debt advice, despite their concerns.
Priority and non-priority debt Begin by deciding which debts are priority debts and which are non -priority. Priority debts are those debts where the consequence of not paying them is higher than other debts for example having your gas and electricity supply cut off or losing your home. There are other debts that you may have that are less of a concern than others, these are called non-priority debts. For the purpose of this guide we will use the standard list of priority and non-priority debts, you may however have debts that you feel are a higher priority to you because of your personal situation and you should still look at these. Priority debts are those debts that have a consequence of not paying them that is higher than not paying other debts.
Type of debt
Consequence of non-payment
Mortgage or secured loan
Losing your home
Rent
Losing your home
Child maintenance
Money taken from wage, money taken from benefits, visit from bailiffs, or imprisonment
Magistrates court fines
A visit from bailiffs, money taken from wage, money taken from benefits, or imprisonment
Tax, VAT or National Insurance
A visit from bailiffs, money taken from wage, bankruptcy, or County Court judgment
County Court judgment
A visit from bailiffs, a charging order, money taken from wage
TV Licence
A fine
Gas or electricity
Disconnection, money taken from benefits, County Court judgment
Water
County Court judgment or money taken from benefits
Telephone
Disconnection or County Court judgment
Positive plan of action A Student Adviser can help you look through your list of debts and outgoing money as well as your incoming finances, and advise you on any additional funding that you might be able to claim, maximising the income that you are currently receiving, or suggest ways that you could begin to pay down the debt that you owe. In extreme cases our Student Adviser may refer your case to a dedicated debt counselling service such as Step Change – www.stepchange.org How to manage the following situations: Eviction Get advice as soon as possible from a Student Adviser. They will assess what stage in the eviction process you are at and what action you need to take. You will need to know what sort of tenancy you have, as eviction procedures vary depending on the type that you have. If you decide to leave the property, make sure that you do it properly and in a way that doesn’t leave you open to further action being taken against you. You must end your tenancy properly by giving the correct notice if you decide you want to leave. You can get further advice from http://www.shelter.org.uk/ Disconnection of Water, Gas, electricity If you are having issues making payments towards you utility costs, the first step is to contact your supplier as soon as possible. Speak with your supplier about arranging a realistic repayment plan for the costs of the amount that you owe as well as the amount you are continuing to use. Make sure that you submit the most up to date meter readings.
Your energy supplier may insist that you have a prepaid meter installed. This will allow them to recover arrears as well as charging you for the energy you continue to use. The energy supplier can use a warrant to enter your home and install a prepayment meter. If this happens, you can appeal against the warrant by going to a magistrate’s court. You can get further advice on energy saving from http://www.energysavingtrust.org.uk/ Banking If you have ongoing mental health problems, it is in your best interests to inform the bank. This is because lenders have a duty to make adjustments for customers with a mental health issue. If your condition means that you are likely to overspend or sign up for credit cards, a note can be attached to your file to spot when your account is being used erratically and they can contact you to let you know.
Local support and advice for mental health issues Samaritans; Provides emotional support to anyone in emotional distress, struggling to cope or at risk http://www.samaritans. org/branches/samaritans-brighton-hoveand-district Tel: 116 123 Sussex Partnership: NHS healthcare services and information http://www.sussexpartnership.nhs.uk/ sussex-mental-healthline http://www.sussexpartnership.nhs.uk/ services-and-locations Sussex Mental Health Line; support and signposting where to get help Tel: 0300 5000 101 Brighton & Hove Wellbeing Service; Information on mental health services for adults living in Brighton and Hove http:// www.bics.nhs.uk/patient-information/ brighton-and-hove-wellbeing-service/ Tel: 0300 002 0060 National help and support MindinfoLine; Provides information on a range of topics including all types of mental distress and where to get help. The helpline can point people to other organisations, eg, benefits advice, so it is a good first port of call: www.mind.org.uk Tel: 0300 123 3393 More locally, Mind Brighton and Hove can also be contacted: http://www.mindcharity.co.uk/ Tel: 01273 66 69 50
The Rethink Mental Health Advice & Information Service; A service that provides factsheets and advice on issues such as treatment, medication and therapy, as well as money, debt, benefit entitlement and other issues related to mental illness: www.rethink.org Tel: 0300 5000 927 The Money Advice Service; Phone and online money advice on a wide range of subjects: www.moneyadviceservice.org.uk Tel: 0300 500 5000 Advice for specific conditions Bipolar UK; Membership costs £20 a year (£10 unwaged) and includes access to a free legal advice line, travel insurance scheme and selfhelp groups: www.bipolaruk.org.uk Tel: 0333 323 3880 Free legal advice • Mind’s Legal Line; Free legal information and general advice on mental healthrelated law. www.mind.org.uk Tel: 0300 466 6463 • Civil Legal Advice; Legal advice on issues such as where your home is at risk for those on benefits or a low income. Tel: 0345 345 4345 Step Change; free advice on all areas of debt: www.stepchange.org 0800 138 1111
ASK US Want to talk to someone? Our expert Advisers in the Student Advice Service can help and are available at every campus Moulsecoomb 01273 642888 Falmer 01273 643854 Grand Parade 01273 643816 Hastings 01273 644643 Eastbourne 01273 643845 Alternatively you can come and see an Adviser in person during drop-in or make an appointment. Find out our times and locations: www.brighton.ac.uk/ask-us - click the Student Advice and Support services page The best way to stay up to date with the latest student money news, advice and tips is by following the Money Matters blog blogs.brighton.ac.uk/ studentadviceservice/
Other useful contacts at the University of Brighton Student Services offers an extensive range of invaluable support for students experiencing ongoing mental health issues: https://www.brighton.ac.uk/Currentstudents/My-student-life/Health-andwellbeing/Health-issues/Mental-health. aspx Disability and Dyslexia team – 01273 643799 www.brighton.ac.uk/disability Counselling service – 01273 642895 www.brighton.ac.uk/current-students Find more useful contact details at www.brighton.ac.uk/ask-us