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Money and Mental Health

@moneyandmentalhealth.org

490 followers 140 following 220 posts

Independent research & campaigning charity 📣 Our mission? To break the link between financial difficulty & mental health problems 💜 Founded by @martinlewis.moneysavingexpert.com in 2016. Led by @helenundy.bsky.social. 🔗 www.moneyandmentalhealth.org

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Money and Mental Health @moneyandmentalhealth.org · Feb 26

We set our Chief Executive @helenundy.bsky.social a little challenge - to introduce us, our work and our impact to our new followers in under 60 seconds. ⌚

We think Helen did great! Find out more about us, our work and what we’ve achieved so far on our website.

🔗 www.moneyandmentalhealth.org

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Money and Mental Health @moneyandmentalhealth.org · 18h

Read our new research 👇

🔗 www.moneyandmentalhealth.org/publications...

📢 We want the government to ensure banks consistently offer a standard package of tools that make it easier for people to share money management in a safe and legally protected way.

This should include:

Carers cards which people can use to authorise a carer to make purchases on their behalf.

Third party account notifications enabling someone to authorise a trusted person to receive alerts about their account.

Third party payment controls - enabling an individual to authorise a trusted person the option to block some types of payment - e.g. gambling or large payments.

Money and Mental Health @moneyandmentalhealth.org · 18h

As a result, many people with mental health problems are resorting to risky workarounds to get support from a trusted person such as sharing their pin or log-in details. That breaches the terms and conditions of their bank account, and leaves them vulnerable to financial abuse.

“I was mentally unwell. Had someone I thought I trusted try to help. Instead I was coerced into giving them £1000s of pounds thinking they were helping me. [...] I am vulnerable and easily misled and taken advantage of. I put my trust in others, but that backfires.” Expert by experience.

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Money and Mental Health @moneyandmentalhealth.org · 18h

More formal tools for sharing financial decision-making, like Power of Attorney, are:

- too complex and difficult to set up
- give too much control over to a trusted person
- don’t offer the right flexibility for someone with a fluctuating condition

Money and Mental Health @moneyandmentalhealth.org · 18h

Despite this, banks don’t yet offer tools for people to get support from a trusted person in a safe, easy way.

In our analysis of 18 UK banks:
- 7 offer carers cards
- 3 offer 3rd party notifications
- just 1 enables people to allow a carer some control over their account

Money and Mental Health @moneyandmentalhealth.org · 18h

People might need support with their finances because common symptoms of mental health problems – such as reduced memory, increased impulsivity or low mood – can make it extremely difficult to manage financial admin and bills, or to go out shopping for essentials.

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Money and Mental Health @moneyandmentalhealth.org · 18h

1 in 5 people with mental health problems has resorted to sharing their PIN code or bank details with another person to get help with managing their money, leaving them at risk of financial abuse.

That’s according to our new research - written by Chris Lees and sponsored by Nationwide. A thread 🧵

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Money and Mental Health @moneyandmentalhealth.org · 2d

📢 We and our Founder & Chair @martinlewis.moneysavingexpert.com are calling on the government to ensure all banks offer customers a standard package of tools that make it easier for people to share money management in a safe and protected way.

🔗 www.moneyandmentalhealth.org/press-releas...

“We need tools so that people can share money management more easily and without putting themselves or their carer in harm’s way.” Martin Lewis CBE, Founder and Chair, Money and Mental Health.

Money and Mental Health @moneyandmentalhealth.org · 5d

This #WorldMentalHealthDay we want to thank our 5,000-strong Research Community, whose insight makes all of our work possible.

So thank you - for sharing your experiences, for making it easier for the next person to do the same, for helping to break down stigma.

We couldn’t do it without you 💜

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Money and Mental Health @moneyandmentalhealth.org · 5d

Today is #WorldMentalHealthDay 🌍

Money and mental health problems can become a vicious cycle. Financial stress harms our wellbeing, and poor mental health makes earning and managing money tougher.

Our mission is to break that cycle 💜

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Money and Mental Health @moneyandmentalhealth.org · 7d

They discussed the upcoming Financial Inclusion Strategy, access to travel insurance for people with mental health problems and our upcoming work on third party support with financial management.

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Money and Mental Health @moneyandmentalhealth.org · 7d

Our Chief Executive @helenundy.bsky.social and our Founder and Chair @martinlewis.moneysavingexpert.com were pleased to meet the Economic Secretary to the Treasury @lucyrigby.bsky.social today.

Helen Undy, Chief Executive of Money and Mental Health; Lucy Rigby KC MP, the Economic Secretary to the Treasury; and Martin Lewis, Money and Mental Health’s Founder and Chair.

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Money and Mental Health @moneyandmentalhealth.org · 7d

We want to break the vicious cycle of money and mental health problems 🔄

Phone-only negotiations exclude some of the people most affected, driving up costs and stress. We’re calling on essential service providers to offer a genuine choice of contact channels.

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Money and Mental Health @moneyandmentalhealth.org · 7d

That’s why the latest @citizensadvice.bsky.social report matters.

🔒 It shows that, in phone and broadband, the best renewal prices are effectively locked behind a phone negotiation - disproportionately affecting those of us with mental health problems. 👇

🔗 www.citizensadvice.org.uk/policy/publi...

The real cost of hidden deals

Negotiating with telecoms providers at the end of a contract is a common practice, but the process is full of problems that make it harder for consumers to access good deals.

www.citizensadvice.org.uk

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Money and Mental Health @moneyandmentalhealth.org · 7d

📱 Phone calls are a real barrier: around 1 in 3 people struggle with calls, rising to over 1 in 2 among people with mental health problems. If support or a better price only exists on a phone line, many people can’t get there.

Money and Mental Health @moneyandmentalhealth.org · 7d

Admin anxiety shouldn’t stand between people and a fair deal.

1 in 4 UK adults feel significant anxiety when dealing with essential providers (banks, energy, broadband).

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Money and Mental Health @moneyandmentalhealth.org · 8d

Our team members @helenundy.bsky.social, @conordarcy.bsky.social and @rayhanhaque.bsky.social visited 10 Downing Street yesterday for a meeting with the Prime Minister’s advisors - discussing issues including employment support, debt collection and integrating money and mental health services.

Conor D’Arcy, Helen Undy and Rayhan Haque standing together outside the front door of 10 Downing Street.

Money and Mental Health @moneyandmentalhealth.org · 9d

Current account providers can often spot the early warning signs that customers may be struggling with gambling and require timely support.

Our latest blog looks at how firms should communicate about gambling to help prevent harm 👇

🔗 www.moneyandmentalhealth.org/banks-matter...

Banks' vital role in communicating with customers about gambling - Money and Mental Health Policy Institute

Leia Clifton, senior research officer, explains how banks can can spot gambling-related financial harm and communicate with customers at risk.

www.moneyandmentalhealth.org

Money and Mental Health @moneyandmentalhealth.org · 12d

It’s one week until #WorldMentalHealthDay

Mental health and money problems are often deeply interconnected, with millions of people across the UK experiencing that ‘vicious cycle’ – but what do you think gets overlooked in this conversation?

Money and Mental Health @moneyandmentalhealth.org · 13d

We’ve joined Instagram! 📸

If you want to keep up with our work and learn about the insights and experiences of members of our Research Community, we’d love you to follow us over there.

🔗 www.instagram.com/moneyandment...

Money and Mental Health @moneyandmentalhealth.org · 14d

Which? recently launched a Super-complaint to the Financial Conduct Authority about insurance, which we welcome!

People with mental health problems often face higher premiums. 📈

We hope the FCA will take steps to ensure insurance pricing is fair. 👇

🔗 www.moneyandmentalhealth.org/what-does-wh...

“Depending on the FCA’s response, this could be a golden opportunity to also tackle the issues we have identified, especially how insurers use mental health problems in pricing decisions.” - Chris Lees, Senior Research Officer, Money and Mental Health.

Money and Mental Health @moneyandmentalhealth.org · 15d

“It’s been all about growth, which brings some opportunities… But I worry about what it means, particularly for people with more severe mental illness, who are currently being cut out of that conversation.”

@helenundy.bsky.social reflects on what she’s heard at Labour Party conference so far 📽

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Money and Mental Health @moneyandmentalhealth.org · 16d

Money and mental health problems can trap people in a vicious cycle.

Financial pressure harms wellbeing, and poor mental health makes earning and managing money harder.

It’s common – but not inevitable. 💜

We’re working for fairer systems and practical support to break this vicious cycle.

Graphic representing the cycle of money and mental health problems. Four rectangles connected to each other in a loop, saying: “Mental health problems → Mental health problems make it harder to earn, manage money and spending, and to ask for help → Financial difficulty → Financial difficulty causes stress and anxiety, made worse by collections activity or going without essentials.”

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Money and Mental Health @moneyandmentalhealth.org · 19d

Campaign win!📢

The Welsh government is making Council Tax debt collection fairer.

People will now have two months, not 3 weeks, to catch up on a missed payment before facing their annual bill — giving them vital breathing space to get back on track.

🔗 www.moneyandmentalhealth.org/press-releas...

"We've spent the last year campaigning hard for this hideous system to change, and so I'm over-the-moon the Welsh government has listened, and Wales is going to take the lead on improving things" - Martin Lewis CBE, Founder and Chair Money and Mental Health

Money and Mental Health @moneyandmentalhealth.org · 20d

Great news! HSBC UK has achieved the ‘Advanced’ of our Mental Health Accessible accreditation.

This status recognises the steps the bank has taken to improve support for customers with mental health problems and its commitment to making their services more accessible.

HSBC UK has received ‘Advanced’ Mental Health Accessible accreditation.

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Money and Mental Health @moneyandmentalhealth.org · 21d

Funding is only guaranteed until April next year - we want to see secure, long term funding so more people can benefit and the results can be properly analysed.

Read more about our visit to a pilot centre 👇

🔗 www.moneyandmentalhealth.org/field-trip-h...

What we learned at a new a Neighbourhood Mental Health Centre - Money and Mental Health Policy Institute

How Neighbourhood Mental Health Centres can help break the link between financial difficulty and mental health problems.