Always on your mind: preventing persistent money and mental health problems

Publication type

Report

Authors

Publication date

March 15, 2024

Summary:

This report, which is sponsored by Barclays, looks at the impact of struggling with financial and mental health difficulties over time. It shows that when we experience mental health problems on a long term basis it makes it more likely that we will also experience financial difficulty, and vice versa.

Looking at the period from 2019 to 2022, our findings reveal that people who experienced long-term mental health problems were 9.3 times more likely to report finding it difficult to manage financially, compared with those who have never experienced a mental health problem.

Similarly, when an individual struggles with long-term financial difficulties, they are 5.5 times more likely to experience a mental health problem, compared to those who did not report any financial difficulty.

Key recommendations:

We’re calling for cross-government and cross-sector actions to improve preventative support and to help more people avoid the long-term cycle of mental health problems and financial difficulties. Our recommendations include:

1) The creation of a cross-government taskforce to put stronger preventative measures in place and deliver a joined-up approach between money and mental health support.
2) The integration of money advice services within NHS Talking Therapies.
3) Stronger partnerships, referrals and data-sharing across these sectors to help better identify people at risk of money and mental health problems, and connect them with support quicker.

Subjects

Link

https://www.moneyandmentalhealth.org/publications/always-on-your-mind/

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