AHHH generation Y, we’re the generation who Uber to the gym and spend more on paying off credit accounts than we put into savings. Also known as millennials, we’re well educated although we’ll probably never finish paying off our student debts and we’re unlikely to afford a house at any point in our lives – most of my friends are still living with their parents in order to save for a mortgage (something I don’t understand how they can do without going insane!)

40% of the population are struggling with debt and 18% consider themselves to have ‘serious financial issues’  and the majority of these are from generation Y (18-30 year olds.)

But why are millennials struggling so much more financially than our parents? Are we just bad at budgeting or is the financial climate just a lot worse than it was when our parents grew up?

There is a clear and undeniable link between being in debt and feeling depressed or suicidal. The problem is, which is the cause and which is the effect? Those who are in debt are much more likely to be depressed and those who are depressed are more likely to rack up debts.

I honestly believe the reason that we are in so much debt is because we are the most depressed generation to exist. 1 in 3 Brits suffer from some sort of anxiety or depression and suicide is the most common cause of death for males aged between 18 and 35 – AND THAT IS FUCKED UP.

Now take it from somebody who has experienced suicidal thoughts, ideas and plans- if you are depressed enough that you want to take you own life, you are only thinking about the present. You are not thinking about what will happen six months or six years from now and you certainly aren’t concerned about your finances. Depression gives you a sense of disregard for your personal finances. Why does it matter if I’m £1000 overdrawn if I’m going to kill myself anyway?


I think to some extent, generation Y are depressed. As a whole, we are a miserable bunch. We won’t get a state pension or retire at a reasonable age and some of us are convinced the future is bleak as fuck. I don’t need to give any specific examples with this one; generation Y are the most depressed generation yet. Just google “most depressed generation” and ours is named in the title of almost every single article. Even if we’re not the most depressed generation just the most in debt then surely this is down to easy access of financial lending?

It’s easier than it’s ever ever been to borrow money. With credit accounts available online in a matter of minutes, it’s difficult to say no to borrowing. Look at places like Very.co.uk, Wonga.com and Paypal credit who release funds the same day as application. Short term, they propose very attractive deals on credit and offer interest free borrowing for a few months.

We are a generation of I WANT IT NOW I’M HAVING IT NOW kinda people. We’re impatient and would rather spend more money if something will be done quicker. Instead of saving for something we want, we find a way to get it instantly and pay for it much later. Probably because we’re not planning on being around much longer.

I am somebody who never saw a future for herself. I do now and I have to deal with the backlash of borrowing. Have you dealt with debt and depression? Join the discussion below…






  1. I can absolutely see the link between debt and depression – suffering from it as I did, whilst existing soley on student finance and my overdraft. The fact that I was so entrenched into debt definitely added to my mental instability and also meant that even on a good day, leaving the flat wasn’t an easy option!

    I do, however think that our debt problems have a lot more to do with the economy we inherited. i can remember so many phone calls to the bank from that time, just trying to get a small extension on my (sometimes as low as £50) overdraft, being denied and bursting out in tears because of how helpless it made me feel. I remember thinking if I could just free up some breathing room in my bank account, I could do the same with my life but the attitude of the banks at the time was so set against me, that receiving said relief was nigh on impossible.

    I’m now happy and (relatively) debt free if I keep my student loans in the peripheral – but it does worry me that upcoming and current generations of university students have this to deal with on top of increased tuition fees!

    Thanks for posting Rebecca (sorry to ramble) – really hit home!

    Hannah xx


    1. No need to apologise for rant, I loved seeing your views on it and it’s something that affects so many twenty-somethings, or has done. I cried a few weeks ago trying to get a tiny overdraft to pay my gas & electric cos my other half lost his job- it can be so tough sometimes!

      I am glad you are also now relatively debt free, shows there is light at the end of the tunnel.

      Thank you so much for reading xxxxxxx


  2. I can totally relate to this post, I am someone who while suffering from depression (I am still suffering but getting better) would go out everyday and end up spending money. I hated being in the house alone because I would end up feeling suicidal. So I would go out, get lunch, treat myself and try my hardest to make myself feel good and it just wasn’t happening.

    Now, I am on the up and finally paying off my credit cards, through overtime and hard work, and I am hoping in the near future we will get a mortgage. I feel lucky to be married actually, because I would have no chance as a single woman


    1. I’m very glad you are getting better. I was always at my worst when I went into town shopping on my own and nobody could stop me splurging every penny I had. Thank you for reading xxx


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