Supporting a loved one in financial difficulties

If you are worried about the finances of a person close to you, the first thing to do is to bring up the matter with them.

Starting a conversation on the subject may be a relief to that person. Studies show that money problems can be a source of shame, and it can be difficult for people to talk about them. It is, however, important to begin looking for solutions together.

Sometimes it can be difficult to start sorting things out alone. You can help your friend or family member find services to relieve their financial difficulties. If the person so wishes, you can also accompany them to meet a financial and debt counsellor. Remember that it is up to your friend or family member to make the final decision on whether to ask for help or not.

How can you motivate your loved one address the issues?

Reliable information helps to shed light on the situation. There are many ways to improve your financial situation, including by your own efforts. Even if you have a payment default entry, there are several options for restructuring debts. Financial and debt counselling can provide you with support and advice on how to deal with your situation.

Financial assistance for a person close to you

If your friend or family member asks for financial assistance, discuss with them why their financial situation has deteriorated. If the underlying situation does not change, the indebtedness may continue in which case any financial assistance you may provide will not solve the situation.

Make sure that helping others would not cause any financial difficulties for yourself. Always consider whether your finances allow you to provide assistance. It is good to take into account any upcoming changes in your own life, such as retirement or a foreseeable increase in healthcare costs. Consider whether the assistance you could provide would improve the financial situation of the person. For example, financial help with overdue bills may not help if there are greater underlying difficulties.

Peer support

If you are worried about the finances of a person close to you, talking can help. Various organisations, parishes and discussion groups provide peer support.

Information

The Peluuri.fi website provides information and support related to a close gambling addiction.