People with mental health problems are three and a half times more likely to be in debt than people without such conditions, according to the analysis.
This association is even more pronounced in certain conditions, such as bipolar disorder and depression, according to the Institute for Money and Mental Health.
Those with Obsessive Compulsive Disorder (OCD) were six times more likely to have serious money problems.
It is the call for more protection for the people in this situation.
- "Benefit changes that contribute to mental health problems"
- Bad mental health at work "widespread"
The Institute analyzed data from the Adult Mental Illness Survey, which was attended by 7,500 people in England.
This found that an estimated 1.5 million people were simultaneously struggling with mental health problems and debt problems.
Someone who had such difficulties was Debbie from the West Midlands. During the depression – partly due to her father's death – her expenses wallowed.
She said that in the past, if she felt weak due to depression, she would buy and pay on credit. They were often things she did not need.
Credit card, business card, and catalog debt, along with additional travel expenses for a new, low-paid job, led to debt accumulation of £ 70,000. Eventually she decided that the only way out was bankruptcy.
The institute's analysis found that one in four people suffering from depression, such as Debbie, had a debt burden compared to one in 20 people who had no mental health problems.
It states that depression symptoms such as low moods and lack of concentration could affect people's ability to manage their finances.
Helen Undy, the institute's chief executive, said, "If you are struggling with your mental health, it can be much harder to stay at work or manage your expenses while the debt can cause a lot of stress and anxiety away from one another so that a vicious circle is created that can destroy life.
"Although these issues are interconnected, financial services providers rarely think about our mental health, and psychosocial services rarely consider what happens to our money."
She called on the government to set minimum standards that offer providers of services – from banks and utilities to collection agencies – to people with mental health problems to make sure they get a fair deal.