You are here: Home - Saving-Banking - News -

New service for those with mental health problems to manage money

Written by:
A service has been launched to help people with mental health problems better manage their money.

The Mental Health and Money Advice service, delivered by Mental Health UK in combination with four mental health organisations, Rethink Mental Illness, Hafal, Support in Mind Scotland and MindWise, will also help those where money problems are affecting their mental health.

Recent research with over 1,500 professionals and people affected by poor mental health highlighted the need for specialist support. Of those surveyed nearly nine out of ten (87%) wanted answers to mental health and money questions. A further eight out of ten (78%) wanted this information provided on a website while half of respondents (49%) wanted to speak to a trained member of staff over the phone.

The Mental Health and Money Advice service website provides information, practical advice and tools such as template letters and calculators, tailored to individual parts of the UK. The website also has real world case studies, plus an advice line that charities and debt organisations can use to refer people for specialist support.

The launch of the service has been backed with £3m of fundraising from Lloyds Banking Group as part of its two year charity partnership with Mental Health UK. The group also launched a dedicated cancer service for its customers earlier this year.

Brian Dow, managing director of Mental Health UK, said: “Money problems and mental health issues like anxiety and depression can create a vicious cycle where problems can spiral. At its worst this can lead to debt, family breakdown and even homelessness. This service will provide some of the eight million people who are affected with somewhere to turn to… This new service will be able to help someone with schizophrenia who needs support managing their money and accessing welfare benefits, and someone struggling to pay their debts and bills whose mental health is deteriorating as a result.”

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.

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

Your rights for refunds if travel is affected by strikes

There have been a wave of strikes this year across many different industries, and more are planned over Christ...

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