In the red and feeling blue: FSA awards Mind £95k to tackle debt worries

Posted Friday 28 December 2007

The Financial Services Authority has awarded leading mental health charity Mind £95,000 towards a campaign in 2008 which will explore the link between debt and mental health.

The FSA money will help Mind to run a series of financial capability surgeries around the country and to develop a financial section on its website that provides advice and information for anyone with mental health problems who is struggling with debt.

Managing your money over the Christmas period can be difficult but if you are one of the one in four people with mental health problems who is experiencing debt and arrears it can be particularly worrying. Mind is concerned that in the new year as Britain's debt levels increase and credit becomes harder to attain even more people will be affected by debt worries. For some this may lead to more serious mental health problems such as anxiety, depression, self-harm and suicidal thoughts.

Take part in Mind's research
Mind has also commissioned the Royal College of Psychiatrists to undertake a new piece of research that will look at how mental health problems can act as pathways into debt and how debt can lead to poor mental health.

Mind's Chief Executive Paul Farmer said: "Worries about personal finances and benefits continue to be one of the top 20 reasons why people contact our MindinfoLine. When someone is experiencing mental distress they may find it difficult to face up to their money problems on top of everything else but it is essential that people act sooner rather than later."

"We are delighted to be working with the Financial Service Authority to help empower people with mental health problems who are in debt to take control over their finances. We also hope that through our campaign next year, we will be able to raise awareness amongst the financial industry about the difficulties that people with mental health problems face."

Chris Pond, Director of Financial Capability, Financial Services Authority said: "Many people will face mental distress at some time in their lives, ranging from mild depression through to more serious problems, and it's important that money worries don't add to the stress during these times. We're delighted to be working with Mind to help people manage their finances more effectively, avoiding debt and planning for a brighter future."

Notes to editors

The Financial Service Authority has awarded Mind £95,000 as part of its work towards the National Strategy for Financial Capability.

Mind is the leading mental health charity in England and Wales. We work to create a better life for everyone with experience of mental distress.

For more information, interviews and a range of case studies please contact Mind press office on T: 020 8522 1743 M: 07850 788514 E: press@mind.org.uk ISDN line available: 020 8221 0817.

Please note that Mind is not an acronym and should be set in title case.

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