Mental Health and Money Advice

In 2017, we were chosen to be Lloyds Banking Groups charity partner for 2 years. The outcome of the partnership was to fundraise £4 million to set up the UK’s first Mental Health and Money Advice Service.

Financial and mental wellbeing go hand in hand. A change in life circumstances such as loss of employment or bereavement can result in financial difficulties which then impact on your mental health. For people who live with a mental illness, the impact this can have on memory, impulse control and cognitive function can result in money difficulties.

Through research, we found that there weren’t any services addressing and providing support for both issues together.

In the UK it’s estimated that*

  • 50% of people in debt experience a mental health problem

  • 1 in 5 people experiencing mental health problems also experience money issues

*[Source: Mental Health and Money Policy Institute, Policy Note March 2019, Debt and Mental Health: A statistical update.]

The outcome

With support from Lloyds Banking Group, we launched Mental Health and Money Advice in November 2017. The service is dedicated to helping people understand, manage and improve their financial and mental health. There are two core elements to the service:

  • A website containing detailed advice and information about benefits, budget management and more
  • A referral-only phone line for those in need of personalised support

The phone line has a small team of dedicated mental health and money advice specialists offering one-to-one advice in each nation of the UK. Currently, access to this service is only through referrals from selected partners.

The impact

The advice service has reached over 600,000 people with advice and information through the website. Through the advice line, we have helped over 2,000 people with complex cases, saving clients on average over £1,500 each by helping them manage their money and increase their income.

In total, the Mental Health and Money Advice Service have made clients over £5 million better off.

If you’re currently receiving support from one of our UK charities – Rethink Mental Illness, Hafal, Mindwise or Support in Mind – and are experiencing mental health and money issues, please contact your support worker to be referred to our Mental Health and Money Advice service.

Download the Year 1 Impact Report

Partner with us

Our partnerships team are on hand to help you through your journey. Call 0207 840 3038 or email [email protected] today.