‘Mental Health and Money Advice’ service saves £5m in two years

Mental Health UK’s ‘Mental Health and Money Advice service’ has surpassed two years of helping people experiencing poor mental health with their finances, helping clients to be £5m better off collectively.

The group revealed that each person advised through the service has saved an average of £2,500. Furthermore, an independent evaluation found their confidence and wellbeing improved by 50% between the periods when they were first referred to the service and when their cases were closed.

Since November 2017, Lloyds Banking Group has supported Mental Health UK in introducing a service that offers expert advice to customers – helping them manage their money and increase their income.

Mental Health UK also revealed that since its inception, the programme has supported more than 2,000 individuals through its telephone service.

Mental Health UK chief executive, Brian Dow, commented: “We’re extremely proud of the work that we’ve managed to achieve with Lloyds Banking Group. Our partnership continues to make a real difference to so many people’s lives.

“There are currently millions of people experiencing a combination of mental health and money problems, making it one of the UK’s most pressing challenges. Thankfully, Mental Health and Money Advice will continue to meet that challenge head on to ensure that people can access help when they need it.”

The service provides expertise and care to people who are struggling with both mental health and money problems, as well as support and advice to help people to save money and gives them the confidence to better manage financial difficulties practically and emotionally.

Mental Health UK also announced that in the two years of the programme, advisors have completed over 500 debt cases, and in excess of 900 welfare benefit cases.

Lloyds Banking Group diversity director, Fiona Cannon, added: “We know that one in four people are affected by mental health issues in the UK every year, so at any one time a significant number of our customers may be struggling with their mental health.

“We’ve been working hard to help break down some of the barriers that keep our people from talking about their mental health and seeking help when they need it most. Mental health and financial problems are often closely linked, which is why we are immensely proud of our charity partnership with Mental Health UK and the launch and development of this essential service.”

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