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Mental Health UK service increases financial confidence and wellbeing

23 January 2020

Mental Health UK’s Mental Health and Money Advice service, the first UK-wide online advice service for financial and mental wellbeing, has celebrated providing help to over 2,000 individuals.

The service, launched in partnership with Lloyds Banking Group in November 2017, was designed to promote awareness of the link between mental health and money problems.

Concerns about money are a common cause of increased stress and worry which can lead to anxiety and depression. Research has shown that in the England alone, over 1.5 million experience both problem debt and mental health problems.

The Mental Health and Money Advice service provides support and advice to help people both save money and build confidence and skills to better manage financial difficulties.

Since inception, the programme has supported over 2,000 individuals through the telephone service, completing over 500 debt cases and in excess of 900 welfare benefit cases, while the website has received over 600,000 visitors.

According to Mental Health UK each person advised through the service has saved an average £2,500 and seen their confidence and wellbeing improve by 50%. In total, clients are collectively over £5 million better off, the charity said.

Fiona Cannon, responsible business, inclusion and diversity director, Lloyds Banking Group, said: “We know that one in four people are affected by mental health issues in the UK every year, so at any one time a significant number of our customers may be struggling with their mental health.

“Mental health and financial problems are often closely linked which is why we are immensely proud of our charity partnership with Mental Health UK and the launch and development of this essential service.”

Brian Dow, chief executive, Mental Health UK, added: “Our partnership continues to make a real difference to so many people’s lives. There are currently millions of people experiencing a combination of mental health and money problems, making it one of the UK’s most pressing challenges. Thankfully, Mental Health and Money Advice will continue to meet that challenge head on to ensure that people can access help when they need it.”

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