New evidence that getting help with money worries is good for your health

As the Money and Pensions Service Talk Money Week campaign (3 – 7 November) gets underway, a government pilot serves as a timely and compelling reminder of the health benefits of opening up to an expert about financial worries.

The scheme in South London involves GP practices across the area offering financial advice alongside medical care, and it’s making a big difference.

Around 34 practices have joined Back on Track, a support service for working-age people in Lambeth who have long-term health problems and are worried about money. More than 1,100 people have received help through the scheme to secure benefits, clear debts and reduce their stress levels.

And the results are encouraging. One in three patients who received financial advice now need to see their GP less often.

Why we’re not surprised

Money worries affect more than just our bank balance, they can take a serious toll on our mental and physical health. When bills pile up or income drops, the stress can feel overwhelming. And when our mental health suffers, managing money can become even harder.

It’s a cycle that’s all too familiar for many people.

That’s why, at Money Wellness, we already knew that getting help with your finances is an important step towards improving your wellbeing.

The power of talking about money

Many people still find it hard to talk about money, but a survey of our customers highlights how such conversations can be key to good mental and physical health. Before getting help:

• 50% said they felt anxious when thinking about managing payments
• 72% said most of their stress was caused by money issues
• 80% said they felt stressed most of the time

But once people get support:

• 68% feel less anxious
• 77% say a weight has been lifted off their shoulders
• 59% are sleeping better

“It was such a relief”

Ife was one of the early participants in the Back on Track pilot. She was struggling with chronic pain from arthritis and had fallen into energy debt after leaving work due to mobility problems.

"When the doctors' surgery told me about Back on Track it was such a relief,” she told the BBC. “The complex PIP and universal credit claims forms were very stressful – I really wouldn't have managed financially without my link worker's support.

"I still see my GP occasionally, but hardly anything compared to before."

Face-to-face isn’t for everyone

It’s encouraging to see new initiatives like the Lambeth-based Back on Track pilot helping people like Ife. But this kind of face-to-face support isn’t widely available everywhere. And for many people, getting help online is easier and more convenient.

In fact, a joint survey we carried out with digital inclusion charity Good Things Foundation found that one in three people (32%) who received phone advice would have preferred online support.

Our figures also show 66% of our online advice is delivered outside traditional working hours, with 16% taking place between 10pm and 5am.

This shows just how important it is to have 24/7 digital debt advice, because money worries don’t stick to office hours.

We know that reaching out for help isn’t always easy, but it can make a real difference. Every day, we see how getting the right advice can lift the weight of worry and help people feel calmer, happier and more in control.