You are here: Home - Credit Cards & Loans -

Calls for retailers to offer more tools to control spending

0
Written by: Emma Lunn
25/11/2020
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.

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.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Marcus slashes savings rate again

Marcus will cut the rate on its easy access savings accounts to 0.5% - just a month after the last...

Close