Martin Lewis warned long-term financial problems could ‘grind people down’
Lloyds is among the banks that will partner with the Money and Mental Health Policy Institute.(Image: inyourArea)
Barclays, HSBC and Lloyds are among the banks that Martin Lewis’s charity, the Money and Mental Health Policy Institute, will support a new scheme aimed at tackling the link between debt and mental health problems.
A money-saving expert has revealed how debt and mental health struggles can be a major factor in some people feeling hopeless, calling the two factors a “marriage made in hell”. In a bid to address the issue, Mr Lewis said his charity would now work with major banks and building societies to provide more support to customers facing money problems.
The Money and Mental Health Policy Institute said it would support Barclays, HSBC, Lloyds, Monzo and Nationwide Building Society to collaborate and explore new approaches to learn what works and change support.
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The charity said banks can play a crucial role in supporting customers because they have insight into people’s finances. For example, the charity suggested that banks could step in and support customers when they find themselves struggling with debt or facing a drop in income.
The Action Lab will use information from people and Money and Mental Health research, as well as a steering group that includes the Financial Conduct Authority (FCA). Money and Mental Health will publish the results of the pilots in summer 2028.
Mr Lewis, founder and chairman of the Money and Mental Health Policy Institute, said: “The link between mental health difficulties and debt is a marriage made in hell: they feed off and challenge each other. Long-term financial problems wear people down, and aggressive debt collection practices can leave them feeling completely hopeless.
“Banks are not the cause of all these problems, but they have a uniquely central position in people’s financial lives, and we want to see if we can take advantage of this to identify when customers are in trouble and quickly direct them to the right support. So I’m pleased and grateful that so many major banks have committed to working with Money and Mental Health on our new Suicide Prevention Action Lab.”
Mr Lewis added: “We are looking to get under the hood of banks to find gaps, test new ways of identifying and supporting people in crisis, and drive change not just among those who sign up, but across the sector – and potentially save lives.”
Economic Secretary to the Exchequer Lucy Rigby said: “Financial problems and mental health problems too often go hand in hand. I’ve seen first-hand how the industry can make a real difference to people’s lives through concerted action, and I really hope this great project will help us find new ways to support people before they reach a crisis point.”
Alison McGovern, Minister of State for Mental Health, added: “The Suicide Prevention Action Lab could make a real difference in identifying and supporting vulnerable people who are at risk of suicide and save many lives in the years to come.”
The Samaritans charity, which offers support to people who are struggling, said earlier this week that it wants people to know that suicidal thoughts “can be interrupted” by other people – and that rather than worrying about saying the “perfect thing”, it is better to simply ask if someone is okay.