Managing Money and Mental Health
Do you enjoy managing your money? I think most people find it a chore – I know I do. But when you’re struggling with poor mental health as well as the bills, it can all get on top of you, and you can find your finances spiraling out of control.
Half of those in a debt crisis have a mental health problem. I believe it’s time to do something about those statistics. That’s why I’m setting up a new organisation called the Money and Mental Health Policy Institute. It’s backed by a generous donation from Martin Lewis of Money Saving Expert, who’s determined to use his expertise to help all those with mental health conditions to manage their money better.
We want the finance industry and the government to change the way they do things to break this devastating link between money trouble and mental health problems. One of the root causes is the struggle many people with mental health problems face when it comes to finding a job.
But unlike physical health problems - which can also make it hard to work- when it comes to mental illness, the part of you that's unwell is actually the part you need to manage your money. So there's a double whammy hit to your finances.
And because waiting times can be long in mental health, you can find yourself going a long time without much support, and all the while your debts are mounting and you don’t have the mental strength to deal with them, let alone the money to pay them off.
With the new Policy Institute we want to build a way out of this cycle of problems. If we make it easier for people to manage their money during a mental health crisis, there’s evidence to suggest they’ll recover earlier. That will make it easier for them to get back to work, and recover their financial wellbeing, too.
You can find out more about the Policy Institute and sign up to support our work at our website. We're running a major survey to gather stories and information from people who've experienced mental illness or mental distress about their finances. If you want to join in and help inform our work, please visit us at www.moneyandmentalhealth.org.
Polly Mackenzie, Director of the Money and Mental Health Policy Institute, which is backed by Martin Lewis of Money saving Expert.