Being in debt has long been associated with one of the leading reasons for depression and stress in these modern times. However, recent studies have suggested that the victims of these circumstances are far more likely to be in the over 50’s age group. The largest social survey body in the UK, Understanding Society, published these results recently, and some of the findings make very interesting reading.
It has been revealed that individuals who are approaching retirement age are up to eight times as likely to suffer from mental health issues when in debt in comparison to the younger generation. In fact, if you are a divorced or separated female with a mortgage, your cards are marked when it comes to being a likely candidate for debt-related depression.
2013 saw the over-65 age group experiencing a 470 % rise in the bankruptcy arena with a total of 1,972 cases. And the typical unsecured debt amount for over-55s has also grown by a considerable 36% since 2011.
The study encompassed nearly 20,000 people in the over 50 demographic and Understanding Society analysed the results to provide these surprising findings.
Poor mental being
As a result of these figures, it has become pretty obvious that there is a very strong connection between the poor debt management and low self-esteem. The surveyed group were asked about their sleeping patterns and how they felt about everyday activities. They were also quizzed about their ability to deal with problem solving and their overall happiness levels.
The researchers discovered that there was a definite pattern that connects the debt issues with poor mental health. The depression could be both a cause for the debt situation and also a result of the financial difficulties. This is fairly disturbing because it appears that a huge problem could exist due to the inextricable loop that exists.
One of the sadder aspects of this sizable study is the very real issue that connects suicidal tendencies with over-50s debt problems. One of the case studies, John Train, talked about his own tragic depressive mood swings. He not only lost his job but also racked up a huge £25,000 debt thereafter. The potential for over-55s to hit rock bottom has already been documented here but it takes a personal story to make these figures really hit home.
The deputy chief executive for Mental Health, Andy Bell, has taken notice of these frankly astounding results and agrees that something should be done about the future support for this vulnerable age group.
If you are in this age demographic and feel particularly worried about your own personal debt issues, please contact Dissolve Debt. We have an excellent track record for helping people with debt problems to face up to their situation and eventually enjoy a debt free future. So please pick up that phone and call Dissolve Debt today. We can guarantee that it will be the best decision you make all year.