Call for money advice to go hand-in-hand with mental health support

The government needs to invest in money advice services for people seeking help with mental health problems, according to the Money and Mental Health Policy Institute.

The organisation said offering money advice to people early on in their experience of mental health problems would allow them to focus their energy and efforts on recovery. It claimed this would help tens of thousands more people recover from mental health problems every year.

Research carried out by the institute suggests joined up money advice and mental health support would see recovery rates for people with depression and financial difficulties more than double, saving the government £144m a year in England alone.

The current situation

The institute said the current situation can’t go on. It recounted numerous stories of people being forced to deal with horrendous debt issues alone after a tough period of depression or coming home from a psychiatric hospital to a pile of unpaid bills.

It also pointed out there is an undeniable link between mental health problems and financial difficulties. People suffering with poor mental health are nearly three times as likely to have felt worried, unable to cope, or fearful about dealing with contact from lenders. This extra anxiety only serves to exacerbate mental health problems and delay recovery.

If you’re struggling

At Money Wellness, we appreciate the harmful impact mental health problems can have on your finances, and vice versa. If you need advice, we’re here for you. You can also find more information in our guide on money and mental health.