Mental Health and Money

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It’s Mental Health Awareness Week (12 to 18 May) and Pembrokeshire money practitioner Frank Farrer is talking about the crucial links between money and mental health.

The Money and Pensions Service (MaPS) has researched the link between money and mental health, and in 2022 found that three-quarters (74%) of people who experience a mental health problem struggle to keep up with bills and payments.

MaPS also found that 91% of people who are struggling with mental health avoid talking about money.

To support people with both their money and mental health, Frank works as part of the Community Fuel Guidance Team at Pembrokeshire FRAME (which aims to provide work experience for adults with disabilities, mental health issues or learning difficulties), where he helps those across the county who are experiencing fuel poverty.

He says: “We support a range of people, whether that’s those who need help making sense of their energy bills, benefit entitlements or budgeting.”

He is a member of the Money Guiders Service delivered by MaPS. Money Guiders is a self-development programme designed to help those who give money guidance to deliver support confidently and to give safe and effective guidance.

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Frank says:  “There’s a massive link between money and mental health. When you’re financially stressed, you might not sleep, which makes it even harder to think straight, make decisions or even feel confident enough to ask for help.

“I remember one lady came to us with a form for Adult Disability Payment. She was completely overwhelmed and couldn’t even look at it properly – all she could do was fill in her name and address.

“But when we sat with her and broke it down step by step, it became manageable. That’s the kind of support that helps ease anxiety around money.”

The theme for this year’s Mental Health Awareness Week, organised by the Mental Health Foundation, is community. Frank says: “Community is everything. Being part of a community means you’re visible, trusted and approachable. When we attend local events, we’re not showing up in suits with clipboards – we’re there to chat, to listen.

“When we meet people face to face, whether in local cafés, warm spaces or at events, it’s very informal and offers that sense of community. We often chat over tea and cake, and that really helps people feel comfortable to open up about money.”

Anyone struggling with money can visit MoneyHelper for free and impartial government-backed guidance and tools to help with managing money.

https://www.moneyhelper.org.uk/

Pembrokeshire Frame