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. The charity also says people with mental health problems are more likely to be in problem debt – showing just how intricately the two issues can become entwined. To help raise awareness of how mental health affects people’s finances, here are five key things to look out for: 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.
” She adds: “Most high-street banks have tools in place that can help you limit 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.” “We all know that feeling of dread when you need to pick up the phone to your bank to sort out a problem,” says Undy.
“But while for most people that feels like a minor stress or inconvenience, when you’re struggling with your mental health it can feel like an utterly overwhelming and impossible task. People tell us how even opening a letter from their bank or speaking on the phone can send them into a spiral, and make them want to bury their head in the sand.” The charity has been working with banks to help ensure a range of accessible.