- How money worries can affect health
- What is financial wellbeing?
- About the Money and Pensions Service
- Financial wellbeing and health services
- Financial education and support for health sector workers
- Contact us
The link between money and mental and physical health is well established. Financial worries can make existing health problems worse or cause new ones, and patients may need support on both health and money issues. We can help your organisation to embed financial wellbeing as part of a holistic service.
How money worries can affect health
If you’re facing a health problem, finances may be the last thing on your mind. However, financial health should be considered just as important to personal wellbeing as physical and mental health.
Almost one in five (18%) people with mental health problems are in problem debt and half (46%) of people in problem debt also have a mental health problem. (Money and Mental Health Policy Institute, 2018)
Money and mental health problems can be intricately linked to individual and population health outcomes. Mental health problems can affect a person’s ability to process information and solve problems, deplete energy and increase impulsive behaviour. It is essential that people with mental health problems are able to access financial wellbeing support that works for them.
What is financial wellbeing?
Financial wellbeing is about feeling secure and in control. It is about making the most of your money day to day, dealing with the unexpected, and being on track for a healthy financial future.
In short: financially resilient, confident and empowered.Money and Pensions Service
UK Strategy for Financial Wellbeing
Over the next decade, the Money and Pensions Service (MaPS) will co-ordinate on the UK Strategy for Financial Wellbeing, working towards a vision of everyone making the most of their money and pensions.
We have made mental health a cross-cutting theme of the strategy because it is essential that people with mental health problems are able to access financial wellbeing support.
Together with organisations like yours, we are working to deliver the UK Strategy for Financial Wellbeing to build this confidence at scale in the UK.
More about the UK Strategy for Financial Wellbeing
About the Money and Pensions Service
We are an arm’s length body of government, transforming financial wellbeing in the UK: We’re here to ensure every person feels more in control of their finances throughout their lives: from pocket money to pensions. Why? Because when they are, communities are healthier, businesses are more prosperous, the economy benefits and individuals feel better off.
Our services are free to your organisation and your patients – we offer financial guidance, insight and partnership to help build financial wellbeing for individuals and organisations.
Financial wellbeing and health services
We work closely with all four health systems in the UK to identify where financial wellbeing support can be integrated into health services where it can best support patient needs. This is in keeping with the range of ‘personalised’ or ‘whole-person’ care agendas being developed and rolled out, which seek to integrate services around a range of health and wider needs associated with individual wellbeing and resilience.
Social prescribing and primary care
We work with NHS social prescribing services and through Improving Access to Psychological Therapies services, nationally and locally in England, to integrate a range of financial wellbeing support where appropriate. We are also exploring equivalent or similar approaches in Wales, Scotland and Northern Ireland.
We also work in partnership with Mental Health UK and the National Academy for Social Prescribing to produce and disseminate a Mental Health and Money Toolkit to support people in managing both their mental health and money difficulties.
Accessible money and pensions guidance
We offer money guidance services to consumers through a range of channels to support access for people with different abilities, levels of vulnerability and preferences.
Our impartial guidance can be accessed on the phone and through digital channels, as well as through guides in Braille, large print and audio formats. Pensions guidance can also be accessed in face-to-face appointments.
Breathing Space: respite for people in debt
Breathing Space is the government’s debt respite scheme, in force from 4 May 2021. It provides protections for people living in England and Wales who are in debt. This includes pausing enforcement action and contact from creditors, and freezing interest and charges on their debts.
While most eligible consumers will access Breathing Space through debt advice services, those receiving mental health crisis care treatment will enter via the mental health access mechanism. Within this, debt advisers will enter individuals into Breathing Space after receiving evidence that they are receiving crisis care from an approved mental health practitioner (AMHP).
The mental health access mechanism is a vital component of Breathing Space. It means vulnerable people who are not able to seek debt advice will still be able to receive protection. MaPS hosts a single point of entry for the mental health access mechanism, making it easier for mental health practitioners to send referrals through to a dedicated debt advice provider.
Learning and development
Money touches every aspect of our lives. Money guidance is often given as part of wider services provided by thousands of diverse organisations and practitioners. If you deliver money guidance our programme is here to help.
The Money Guiders Programme is for:
- anyone who provides any type of non-regulated money guidance to individuals or groups
- based anywhere in the UK, in all four nations – national coverage through to small and local groups
- community workers, housing officers, mental health workers, volunteers, money mentors to name a few, and
- those working with young adults through to older and retired people.
Having control over personal finances means that people are more resilient when unexpected events happen, and they are more likely to enjoy better physical and mental health.
Financial education and support for health sector workers
Whether your organisation is starting on the journey of boosting employee financial wellbeing, or piloting methods like payroll saving, we can support you.
Our partnerships team are based in a location near you, and offer your organisation free, bespoke support, such as:
- money and pensions guidance content you can embed into your intranet and website
- opportunities to pilot and evaluate financial wellbeing interventions, and
- Talk Money Week, our annual awareness week that reaches millions of people each November, to break the taboo of talking about money at work, in therapy or any walk of life.