The government could save £144m a year, and double recovery rates for people with depression and debt, by better joining up mental health and money support, a charity has said.
Providing money advice alongside mental health support could help an extra 27,000 people recover from mental health problems each year, the report by the Money and Mental Health Policy Institute has argued.
People who have had mental health problems in the past two years are three times more likely to be behind on at least one key bill (19% compared to 6% of people who have never had mental health problems), the institute has said, with data gathered from a poll of 2,047 people from across the UK.
As many as 60% of people with recent mental health problems say they have felt unable to cope because of rising costs. Yet only 9% have received money or debt advice since the start of the cost of living crisis, with the vast majority missing out on this critical support, it has added.
Mental and financial health
Cost of living crisis could push mental health support to ‘brink of collapse’
The charity is therefore calling on the government and NHS England to provide money advice alongside its NHS Talking Therapies programme, which treats mild to moderate mental health problems.
The analysis by Money and Mental Health has suggested that doing so would dramatically improve recovery rates, reduce waiting times for mental health services, and generate significant savings for the public purse.
It has called for everyone receiving support from NHS Talking Therapies to be asked about their financial situation when they are initially assessed for the programme.
Money advice services should also be located in the same site as NHS Talking Therapies services, it has recommended. Where co-location isn’t possible, or where people prefer telephone or online advice, professionals working in Talking Therapies services should actively book appointments on behalf of people.
Martin Lewis, chair and founder of the Money and Mental Health Policy Institute, said: “The cost-of-living crisis shows no sign of abating, and even if it does the fallout will last years.
“Financial problems and mental health issues are locked together, it’s about time treatments were linked too. We’d urge the government and NHS to take swift action to ensure those struggling with their mental health and finances get the support they need – and cut costs for the state at the same time.”
Separately, nearly half (48%) of women report that work has a negative impact on their mental health, compared with 40% of men, according to research by Nuffield Health.
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More than a fifth (22%) of women went into work more than 10 times when their mental health was bad compared to just 16% of men, Nuffield Health’s Healthier Nation Index has concluded.
More than a third (34%) of men who called in sick because of poor mental health were happy to disclose this information with their employer. This contrasts with only 24% of women, it added.
