You are currently in the en section of the site.

No thank you, please close this banner.

First published:

Top Tips

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.

Top tips and advice

  1. Why the Mental Health and Money Advice service is helping people with mental illness and money issues
  2. This Talk Money Week, read our conversation guides around money worries
  3. Should you be worried about rising mortgage interest rates?
  4. What is financial anxiety?
  5. Budget 2023: How does it affect you?
  6. Why debt can happen to anyone, and how shame can shape our relationship with money
  7. Let’s Get Talking about Student Mental Health: University Mental Health Day
  8. How to save money this Christmas and New Year’s
  9. Tips for managing your money and mental health in 2023
  10. What to do if money worries are affecting your mental health
  11. Blue Badges available for people suffering from mental illness
  12. Budget 2018: How does it affect you?
  13. What the 2018 PIP ruling means for those living with mental health issues
  14. Mental health and Money Advice responds to Goverment’s proposed Breathing Space scheme
  15. Mental health and financial services podcast
  16. Being a carer can affect your mental health and money
  17. What to do when debt worries impact on performance at work
  18. Changes to Support for Mortgage Interest
  19. FCA announces new rules on 'buy now pay later' products and overdrafts
  20. Mental health and money advice for COVID-19 outbreak
  21. How to budget your money during the COVID-19 outbreak
  22. How the Touco app can help you get support around money and mental health
  23. How banks are helping during the Coronavirus period
  24. DWP publishes mental health conditions for PIP back payments
  25. Managing your mental health and money after government cuts
  26. Universal Credit boost for mental health
  27. Household Support Fund
  28. Tips for managing your money and mental health in 2022
  29. How to manage your mental health and money following the energy price rise
  30. How the Universal Credit jobseeker and work capability assessments may affect you
  31. World Bipolar Day
  32. What is the impact of savings on mental health?
  33. How to save money at Christmas 2023 and New Year's 2024
  34. Managing your money and mental health on Black Friday and Cyber Monday
  35. What does the Autumn Statement 2023 mean for you?

Other Top Tips & Advice

You may find this other advice useful.

Please tell us more

For urgent help, please see Help & contacts