How to Mind your money
Posted Thursday 2 August 2007
- 1 in 4 people who experience mental distress have debt problems compared to 1 in 11 of the general population
- 250,000 people with mental health problems will seek financial guidance from the Citizens Advice Bureau a year
Millions of households will be waiting nervously today to see if the Bank of England increases interest rates to 6 per cent but for some people who experience mental health problems another hike could be an added worry, exacerbating stress and anxiety. That's why leading mental health charity Mind has teamed up with the Royal Bank of Scotland to produce a series of booklets providing useful advice and information on how people can manage their money.
The Money and Mental Health series includes the following titles:
- Looking after your personal finances - covers the economics of running a home, focusing on the unique issues challenging people who experience mental distress.
- Staying in employment - a guide to strategies to stay in work or, if that's not possible, to 'stay in the game' sufficiently to regain paid work when the time is right.
- Starting your own business - offers a guide to what you need to think about before and during setting up on your own business.
- Managing on benefits - deals with managing on benefits and the effects of mental distress on personal finances.
Mind's Chief Executive Paul Farmer said: "If you become unwell due to mental distress, particularly if it means spending time in hospital, keeping on top of your finances can be a challenge. A quarter of people who have mental health problems are struggling to cope with debts and unfortunately it is often arrears with essential bills such as utility, rent and council tax. Our new booklets provide the practical tips and advice people need to help them maintain control of their financial affairs."
RBS Group Community Investment Manager Therese O'Donnell, said: "We are delighted to be working with Mind to empower people who have mental health problems to take control of their financial situation. For more than a decade, the Royal Bank of Scotland has been working to address financial exclusion for vulnerable groups in society to help them better understand and manage their money."
The Royal Bank of Scotland's Face2Face with Finance programme is the largest corporate financial capability programme in the UK. It has committed almost £40million to a range of initiatives to help promote financial inclusion.
(1) Office for National Statistics (2002)