New Advice To Help People Cope With The Impact Of Money Worries On Mental Health

13th May 2014

The Money Advice Service, in partnership with NHS Choices,(1) is launching new free and impartial advice to help more people who have money worries which are impacting on their health, get to grips with their personal finances.

The interactive tool is now available online at http://www.nhs.uk/Tools/Pages/Money-worries.aspx

. It aims to help people who are suffering from stress and anxiety, as a result of struggling with their finances, to access free support and advice.

Users are asked a series of questions about the impact of their money concerns on their mental health. The tool then provides tailored information and practical guidance in response to their answers, and points to additional Money Advice Service resources such as the budget planner, which helps them to assess their income and outgoings and make a budget, and the money health check. It also directs people to articles, videos and audio guides on NHS Choices, including advice on tackling sleep problems, overcoming anxiety and practical problem solving.

The launch of the resource coincides with Mental Health Awareness Week (12- 18 May) - an annual campaign run by the Mental Health Foundation,(4) which this year is focusing on anxiety, one of the leading causes of mental ill-health in the world.

1) NHS Choices (www.nhs.uk) is the UK’s biggest health website. It provides a comprehensive health information service for the public in making choices about their health and for finding and using NHS services in England. NHS Choices includes more than 20,000 regularly updated articles along with entries in more than 50 directories for finding, choosing and comparing health services in England. The website draws together the knowledge and expertise of NHS Evidence, formerly the National Library for Health, the Health and Social Care Information Centre (HSCIC), the Care Quality Commission (CQC) and many other health and social care organisations.

2) NHS Choices receives 1.5 million unique visits each day.

3) The Moodzone - NHS Choices mental health section, as a whole received over 3.6 million visits over the last year.

4) The Mental Health Foundation is the UK’s leading mental health research, policy and service improvement charity. The Mental Health Foundation is committed to both reducing the suffering caused by mental illness and helping us all to lead mentally healthier lives through carrying out research; influencing government policies; developing practical solutions for better mental health services; and campaigning to reduce stigma and discrimination. Registered Charity Nos: (England & Wales) 801130: (Scotland) SC 039714. www.mentalhealth.org.uk

5) Money, debt and finances were among the major causes of anxiety in everyday life, with almost half (45%) of people stating this as a cause of anxiety in a recent YouGov survey carried out on behalf of the Mental Health Foundation. The total sample size was 2,330 adults. Fieldwork was undertaken between 9th - 10th April 2014. The survey was carried out online, and figures have been weighted and are representative of all GB adults (aged 18+).

6) ‘Indebted Lives: The Complexities of Life in Debt’ - https://www.moneyadviceservice.org.uk/en/static/major-new-study-reveals-the-complexities-of-life-in-debt-in-the-uk

About the Money Advice Service

The Money Advice Service is an independent organisation. It gives free, unbiased money advice online at moneyadviceservice.org.uk, over the phone on 0300 500 5000, and face-to-face right across the UK. The Service was set up by Government and is paid for by a statutory levy on the financial services industry, raised through the Financial Conduct Authority. Its statutory objectives are to enhance the understanding and knowledge of members of the public about financial matters (including the UK financial system); and to enhance the ability of members of the public to manage their own financial affairs.

Jenny Edwards CBE, Chief Executive of the Mental Health Foundation, comments:“The link between debt and mental ill health is well established, with the Mental Health Foundation’s anxiety survey, (5) showing money, debt and finances as the most frequently cited cause of anxiety.

“This valuable tool from the Money Advice Service can help people who are feeling stressed or anxious about money take the first step towards helping themselves, seeking further support and feeling more in control of their situation.

“Anxiety affects us all and in this Mental Health Awareness Week we are asking everyone to better understand, talk about and manage their anxiety, and to feel empowered to seek help and support without fear of stigma or discrimination.”

Caroline Rookes, CEO at the Money Advice Service, adds:“We are delighted to be working with NHS Choices on what is a very important partnership in reaching vulnerable members of society. Almost 9 million adults in the UK are struggling with debt, but only 1.5 million are seeking advice (6). The vast majority of over-indebted people feel anxious, stressed and unhappy, but we know that accessing free advice can provide enormous help to them in improving their wellbeing.”