Mental health and money can impact each other in all kinds of ways. Making and managing money when you’re struggling with mental health can result in poor financial wellbeing, and financial problems can lead to poor mental health. But, we’re on hand to help if you need extra support managing your finances while you take care of your health. Brian Byrnes, Head of Personal Finance, shares his top tips for dealing with financial stress. Plus, we talk to Customer Care Lead Shiran Peries, about the extra support available to you at Moneybox if you’re going through a hard time.

 

Financial stress can affect anyone

In a recent study* we ran…

  • Nearly half of people said they have financial regrets which made them feel stressed about their current financial situation,
  • 28% of people told us that stretched finances have caused them stress, and; 
  • 27% say financial stress has negatively impacted their mental health.

Financial wellbeing can affect anyone’s mental health, no matter what your wealth. In fact, we found that those with the highest level of confidence dedicated more time to their finances overall, which had a positive impact on their wellbeing – regardless of income. Brian Byrnes, Head of Personal Finance at Moneybox, wants to reassure you though, saying: “At one time or another, we have all endured periods when we have been under financial pressure, and when times are tough it can feel overwhelming. When managing money concerns, it is important to realise that you are not alone in your worries and that there is more support out there than you may realise. While it may be tempting to try and protect yourself by delaying addressing financial worries, you will be surprised by how quickly you can start to feel better about your finances with some small positive steps.”

 

4 ways to get greater control of your finances and manage financial stress

  1. Seek extra help. Research what help might be available for you to hit your financial goals. This might be speaking with debt advice helplines like Citizens Advice or speaking with any lenders and explaining your situation so they can offer realistic timescales for you to repay any debts.
  2. Weekly check-ins. Set aside at least thirty minutes each week to work on your personal finances. Sorting out all aspects of our finances takes time and feels overwhelming but over the course of a year, thirty minutes a week would result in twenty-six hours dedicated to improving your financial situation and reducing financial stress. 
  3. Review your spending. Map your outgoings and see where your income is actually going each month. Make a monthly budget that is reviewed regularly. If you find that your spending patterns have changed or your disposable income has increased or decreased, make sure you understand why this might be. 
  4. Be kind to yourself and acknowledge that progress takes time. As with any goal, learning how to improve your personal finances requires discipline and the occasional reset. There will always be unforeseen events that can take us off course but keeping the end goal in mind is the best way to ensure you’re always moving in the right direction.

 

Getting additional help

We know that many mental health conditions aren’t circumstantial and some Monyebox customers may need additional help from us. We spoke to Shiran Peries, Customer Care Team Lead here at Moneybox, about how we can provide extra support to those who need it…

 

 

How can we help someone struggling with a mental health condition? Generally speaking, mental health isn’t something that customers need to declare when using Moneybox. However, if it’s affecting you day-to-day and you need extra assistance while using Moneybox services, you should let us know as that’s something we can help with. As an example, a customer with Bipolar Disorder or ADHD may struggle with impulsivity and therefore may find it harder to manage their finances. In this scenario, a customer could ask to have their withdrawals temporarily frozen.   How can we help someone that needs extra support? There are a number of ways we can provide assistance, here are just a few examples:

  • Once we know that you need help, our specialist team will signpost you to the most relevant organisations that would be able to help with your circumstances. For example, Samaritans or Money Advice Service.
  • We can ensure documents are tailored to be accessible – for someone with a visual impairment, for example.
  • For those hard of hearing, we can make sure that communication is only made via our in-app chat.
  • We can speak to an appointed third party in place of a customer, for someone who receives help from their family and friends.
  • We can also assist with any difficulty you experience in-app.

How can a customer seek help from Moneybox? Simple, just get in touch via the in-app chat at Settings > Help > Contact us, call us at 0330 808 1866, or send an email to support@moneyboxapp.com to let us know what you’d like extra support with and we’ll put together a tailored support plan.  Your tailored support is securely recorded, so you’ll receive the right care going forward. And you can be assured that we will always maintain sensitivity and empathy around your circumstances – so please don’t hesitate to get in touch! If there’s something you’d like to make us aware of now, including life events like losing your job, or physical and mental health conditions, you can let our Support Team know in the same way. If this doesn’t currently apply to you but your situation changes in the future, we’ll still be here to help.   *Consumer research was conducted by One Poll on behalf of Moneybox from December 29th 2023 to January 9th, 2024. A nationally representative sample of 4,055 adults across the UK participated in the survey.