A major new policy institute dedicated to researching andfinding solutions to the link between mental illness and money problems waslaunched last week. The institute is funded by a donation of £2 million fromMoney Saving Expert founder Martin Lewis.
The Moneyand Mental Health Policy Institute will conduct research, policydevelopment and innovation to tackle the problems associated with poor mentalhealth and personal finance. Specifically it will work with banks, lenders, regulators, healthservice providers and government to help people with mental health problemsprotect themselves from financial difficulties and get out of debt.
Martin Lewis said:”I’ve been looking at debt and mental health for years, and written manypractical guides – it’s time to treat it like any other financial issue.Thankfully, business and the financial services industry have got far better atdealing with people who are having problems – yet there’s never been any realfocus on prevention.
“Debt isn’tjust a financial problem – it causes relationships and families to break up,people to lose their homes and their lives. Debt is a common problem for peopleliving with mental health problems, and it can make those problems worse.”