Mental health and help with your finances

Mental health issues and financial problems can often go hand in hand.

According to the Money and Mental Health Policy Institute, a charity founded by consumer champion Martin Lewis, people with problem debt are more likely to experience mental health problems. Here area few things to look out for:

IMPULSIVE SPENDING

Helen Undy, chief executive of Money and Mental Health, says: “When you’re struggling with your mental health, it can be really difficult to stay in control of your spending.

“Options like setting your own limit for contactless payments, or blocking payments to certain retailers and gambling websites, can be really helpful for people who struggle with impulse control.”

ADMIN ANXIETY

The charity has been working with banks to help ensure a range of accessible communication channels are available. Some people may prefer to communicate via webchat, for example, rather than by phone.

DIFFICULTY MANAGING BILLS

“Lots of common symptoms of mental health problems can make it difficult to manage and keep up with your bills,” explains Undy.

“Symptoms like brain fog and poor memory, for example, may make it harder to remember to pay your rent or energy bills on time, keep track of what you’ve spent, and plan ahead.”

For people experiencing more acute mental illness, Undy says the bank may also offer a “third-party access” option. This could allow a trusted person access to your account and to help you with tasks for managing your day-to-day finances.

CONCERNS ABOUT REACHING OUT FOR HELP

“Struggling with your mental health and your finances is a double stigma,” says Undy. “It can be so hard to talk about these issues even with people you really trust.”

Charities such as Citizens Advice and Mind can offer support, as well as your GP.

Undy continues: “If you’re struggling with your finances and mental health, letting your bank, energy company or water company know about your mental health problem can also be helpful, as there’s lots of practical measures they can take to make things easier for you, for example referring you to a specialist team who are trained in supporting customers with mental health problems.”

She adds: “With the right help and support, there’s no debt or money problem that can’t be solved.”