A growing number of people are seeking treatment for depression as the credit crunch takes its toll, experts at the Priory Group have warned.
Dr Jeremy Broadhead, medical director and consultant psychiatrist at the Priory Hayes Grove, revealed that the clinic has seen an increase in the number of patients with 'recession depression' in recent weeks.
He explained that serious depressive episodes can be brought on by the fear of unemployment, mounting debts and the threat of home repossession.
"Money worries don't just keep people awake at night; they can cause stress, depression and in more extreme cases self harm and suicidal thoughts," Dr Broadhead revealed.
"At a time when depression is striking more and more people it is important that the medical profession acts quickly to identify and treat the illness, allowing the sufferer to regain the positivity in their lives and tackle the issues which caused the problems initially."
Around 15 per cent of people have a bout of severe depression at some point in their lives and research suggests that two per cent of teenagers are affected, according to NHS Choices.