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First published:
05/02/2019

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. What to do if money worries are affecting your mental health
  3. Blue Badges available for people suffering from mental illness
  4. Five top tips for managing your spending this Black Friday
  5. Budget 2018: How does it affect you?
  6. What the 2018 PIP ruling means for those living with mental health issues
  7. Mental health and Money Advice responds to Goverment’s proposed Breathing Space scheme
  8. Mental health and financial services podcast
  9. Being a carer can affect your mental health and money

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