Mental health and financial services podcast
Week three of the Money Advice Trust’s Vulnerability Matters podcast focussed on mental health and financial services. Find out what Sarah Murphy, a founding member of the Mental Health and Money Advice service, had to say.
Mental health and financial services are intertwined
The link between Mental health and money can often be closely intertwined. One in four people are affected by a mental health condition, and, of these close to four million will struggle financially.
In addition, a further four million people are at risk of developing a mental illness as a direct result of their financial situation.
Back in 2004 professor Elaine Kempson conducted an independent review of the banking code.
She recommended that banks and building societies should act on the most appropriate ways to assist people who had been diagnosed with mental health problems which could impair their ability to handle money.
The financial services sector has taken steps in recent years to improve the ways in which firms understand and address the needs of customers living with a mental health problem, including providing relevant support and help.
What does the podcast discuss?
This Money Advice Trust’s Vulnerability Matters podcast asks two questions:
- What progress has practically been made on the issue of mental health within financial services?
- What role should firms play in both identifying and responding to the needs of customers with mental health problems?
The Money Advice Trust's Vulnerability Lead Chris Fitch is joined by:
- Martin King, Head of Customer Vulnerability at Lloyds Banking Group
- Sarah Murphy, Associate Director of Advice at Rethink Mental Illness
- Dan Holloway, writer, a mental health commentator, a previous World Intelligence Champion
- Dr Thomas Richardson, Principal Clinical Psychologist at Solent NHS Foundation Trust, as well as a long-time researcher on financial difficulty and mental health
You can listen to other Money Advice Trust's Vulnerability podcasts here.
Other Top Tips & Advice
You may find this other advice useful.
Tips for managing your money and mental health in 2023
Planning ahead at the start of a new year can help you manage your money better while also helping you manage your mental health and stress related to money. We share tips and advice for helping you manage your money in 2023, pay off your debts, and afford the things you want.
How banks are helping during the Coronavirus period
Banks are aware that many of their customers face tough new financial circumstances or can no longer access their cash or accounts in the way they used to. Find out what banks are doing to help you during the Coronavirus period?
Managing your money and mental health on Black Friday and Cyber Monday
Flash sales can be risky during periods of poor mental health. Learn how to control your money and manage your mental health on Black Friday and Cyber Monday.