The stigma of money and our mental health

When did you first learn about debt and managing money?

Have you ever felt stressed when adding up your monthly spending? If yes, did you feel comfortable talking to someone about it?

With the cost of living increasing and many of our East London residents still recovering from the impacts of the Covid-19 pandemic on their community, ELBA’s Connect team have been reflecting on the impacts of debt and financial instability to our mental health.

Financial stress can feel very isolating and uncomfortable for many of us to talk about. Social pressures combined with a lack of financial support can lead people to rely on payday loans, credit cards and gambling in an attempt to be perceived as financially stable.

During Mental Health Awareness Week, ELBA staff talked a lot about ways to combat the stigma related to mental health. Speaking honestly about financial stress and money does not always mean a person is looking for a hand out. By speaking more openly about it, we can help reduce the stigma and share practical and realistic ways to manage our finances.

On the back of this, ELBA is hosting a number of Financial Literacy workshops open to all community organisations and their beneficiaries.

Participants will work with a small team of corporate business volunteers on various topics including:

1.       Day-to-day Money Management: budgeting & preparing for financial change
2.       Credit and Debt
3.       Pension and Long-term Savings

We aim to give participants a safe space to learn and ask questions about these topics, and leave with ideas that they can take back and consider for their daily lives.

The first session will focus on Day to Day Money Management and will be held at Bromley By Bow Centre on 28 June 2022. If you are interested in registering for this or future sessions, please reach out to margisel.adams@elba-1.org.uk