In partnership with leading organizations such as Mind, Rethink, and CAP UK, a free 44-page PDF booklet has been released to offer valuable guidance to individuals dealing with mental health challenges and those who support them.
The guide covers a wide range of essential topics, including:
Debt Management During Mental Health Struggles: Providing strategies for handling debts during periods of mental illness.
Working with Financial Institutions: Tips on effectively collaborating with banks to address financial issues.
Access to Free Debt Counseling: Guidance on how to access no-cost debt counseling services.
Special Insights for Bipolar Disorder and Depression Sufferers: Tailored advice for those experiencing bipolar disorder or depression.
Disclosing Mental Health Conditions: Information on whether to disclose one’s mental health condition to relevant parties.
The guide was developed with the support of Martin Lewis, founder of the Money and Mental Health Policy Institute, which was established in 2016. The institute’s mission is to conduct research, investigations, and advocate for reforms addressing mental health challenges and debt.
One of the key areas of focus is empowering individuals with tools to manage their financial well-being, especially during periods of stability, so that they are better prepared to navigate challenges when they arise. For instance, the guide explores the idea of implementing credit file freezes, which can be activated during times of stability and require an eight-week waiting period for unlocking. Such a tool can help individuals control impulsive spending, which is common among those dealing with clinical depression and bipolar disorder.
The release of this guide represents a significant step in providing much-needed support and resources to those grappling with the intersection of mental health and financial issues. It is a testament to the commitment of various organizations and advocates to make a positive impact on the lives of individuals facing these challenges.
