Debt is a familiar and relatable topic for most people. Despite the fact that most people have had to go into debt at some point in their lives, the topic still carries such a bad stigma. At the beginning of 2020 there were around 9 million people in the UK who were over-indebted. So, with so many people in debt, why is there still such a stigma around debt?
In this blog, we explore how businesses can help take the stigma away from debt and improve people’s mental health.
More talk leads to less shame
The concept of debt shame is present, not only in the UK, but throughout the world. Debt shame is extremely common, largely due to the fact that we don’t talk about our finances enough. People who are in debt often tend to bury their head in the sand and avoid talking about it. Employers can help spark a conversation around debt by hosting regular meetings where employees can speak about their finances. Employees should be encouraged to speak about their past and present financial problems as this will not only help remove the stigma of debt, but it will also encourage employees to realise and take charge of their financial situation.
Educating employees on debt and mental health
Educating your employees around debt and mental health should be a top priority, now more than ever, considering how the pandemic has impacted people’s mental health and finances. Employees should be educated about debt and how to deal with debt problems, they need to know where to get help if they are struggling. It can often be beneficial to organise a mental health professional to speak, as they will be able to answer any questions your employees may have. If one of your employees is struggling with bad debt, you should be able to point them in the direction of a qualified and regulated debt advisor that can help them explore their circumstances and discuss the debt solutions available to them.
Offer mental health days or days off to deal with debt
When your employees are feeling ill and need to go to the doctor, they can simply call in sick and get the day off. Are you viewing burnout, stress and mental health issues in the same way? Why not offer time off from work to deal with these issues. Furthermore, offering an employee time off to deal with their debt or mental health issues will show them that you value them and will make them feel appreciated.
At Debt Movement, we know that bad debt happens to good people which makes them feel worried and powerless. Debt Movement provides professional debt guidance and solutions that help people move out of debt, empowering them to take control of their finances so they can live their best lives again.