You are here: Home - Credit Cards & Loans - News -

Calls for retailers to offer more tools to control spending

Written by: Emma Lunn
The Money and Mental Health Policy Institute has warned that the Black Friday sales could leave many people with poor mental health at serious risk of financial harm.

The institute says retailers should offer consumers more tools to control their spending. It found that consumers with poor mental health are twice as likely than the wider population to have spent more than they can afford online, or to have purchased goods they don’t need.

The group’s research found that about 3 million people across the UK with mental health problems have struggled to control their spending during lockdown.

The Money and Mental Health Policy Institute is calling for retailers to give consumers the choice to opt out of ‘buy now pay later’ options, or to add a ‘cooling off’ period to their account before making purchases.

The charity is also calling on the government and regulators to make sure that consumer protection laws are enforced online and are fit for purpose in the 21st century, as well as for better regulation buy now pay later credit.

Helen Undy, chief executive of the Money and Mental Health Policy Institute, said: “Flash sales, Black Friday ‘deals’ and short-term offers can be hard to resist at the best of times. But with more of us struggling with poor mental health during lockdown and spending more time online, there’s a real risk that this year’s Black Friday sales could push many people into financial harm. A single day’s shopping spree can cause years of misery, especially for people already dealing with both money and mental health problems.

“That’s why we’re calling on retailers to take action to help customers stay in control, especially those struggling with their mental health. Simple steps like giving people the option to have a ‘cooling off period’ before making purchases, or to opt out of ‘buy-now-pay-later’ deals, could help people avoid serious financial harm now and in the weeks leading up to Christmas.”

Other research by The Money and Mental Health Policy Institute found that ‘pushy’ online retailers can exacerbate mental health problems.

Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week