Title page

Contents

Background 2

Financial vulnerability 5

Relationship between debt and mental health 6

Risk factors associated with debt and mental ill-health 9

Debt support and interventions 10

Policy considerations 15

References 19

Table 1. Examples of debt solutions in England 11

Table 2. Legislation, regulation and guidance for financial services 12

Figure 1. Change in outstanding levels of debt to individuals 2013-2024 3

Figure 2. Change in household debt to income ratio 2013-2023 3

Figure 3. Percentage of UK population with, or at-risk of, potentially unsustainable debts 4

Figure 4. The Financial Conduct Authority's (FCA) four key drivers of customer vulnerability 6

Boxes

Box 1. Examples of types of debt 2

Box 2. Challenges in researching and understanding the relationship between debt and mental health 8