Coronavirus: Portsmouth psychologist shares tips for coping with money worries in the Covid-19 pandemic

A PSYCHOLOGIST has shared his top tips for those struggling with finance worries during the Covid-19 pandemic.

By Millie Salkeld
Thursday, 28th January 2021, 7:00 am
Updated Friday, 29th January 2021, 12:48 pm
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With nearly 10 million people put on furlough since the start of the scheme last year and more than 395,000 redundancies between September and November, many are feeling the financial strain of coronavirus.

Dr. Thomas Richardson, who is a clinical psychologist in the Mental Health Recovery Teams at St. Mary’s Hospital in Milton for Solent NHS, told The News that it is important to try reduce the impact of money problems on mental health as it can turn into a ‘vicious cycle’.

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Dr. Thomas Richardson, a clinical psychologist in the Mental Health Recovery Teams at St. Mary’s Hospital in Milton

He said: ‘The last year has been hard for many, and one reason it has been so difficult is the financial impact of the Covid-19 pandemic. Whether being made redundant, furloughed, or being self-employed or owning a business, the recession from the lockdown has made money problems sadly even more common.

If you are worrying about money know that you are not alone as the average adult in the UK no owes nearly £4,000 in unsecured debt.

‘Unfortunately for many it can become a vicious cycle. Those worries about money impact mental health, this then makes it harder to keep on top of your finances, so the debt builds up.

‘There are many factors that link money problems with poor mental health. How much you worry and stress about debt is important. How hopeful you feel about your finances improving and how ashamed you feel about struggling to make ends meet also matter.

‘How much you feel you can change your financial situation and trying to be active in making these changes can also make a difference.’

Dr Richardson’s top tips for dealing with money worries:

- Talk to someone. Friends, family, colleagues, a professional. Knowing you are not alone and getting it off your chest will help.

- Try to take some small steps to get on top of your finances, such as opening a bill you have been avoiding, ringing your bank or making a budget.

- Try to take things one day at a time and be more present. Here are some mindful exercises which might help reduce your money worries

- If you are worried about your mental health, talk to your GP, or you can self- refer to Talking Change (, 0300 123 3934, [email protected]).

- Talk to a professional for debt advice. Visit for a list of sources that can help.

The News and JPI Media has launched a mental health campaign, There For Each Other.

Over the next few weeks you will hear from a range of people about their mental health journeys, relating to a number of topics including Covid-19, veterans, suicide, financial stress, grief, domestic abuse and the impact of social media.

Health professionals, organisations and charities will be sharing the range of support that is available and how it can be accessed.

A message from the Editor, Mark Waldron

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