Hospitals should ask mental health sufferers about finances

These figures, which came from new research published by the Money and Mental Health Policy Institute, also found those with mental health problems were nearly twice as likely to have racked up debt equivalent to 50% of their income or more.

It also shows that common symptoms of mental health problems - such as reduced concentration or memory issues - can, in normal times, make it extremely difficult to manage money. These challenges were however compounded by the loss of income, employment, poor health, and delays to benefits payments driven by the pandemic.

This, in turn, has shocking psychological impacts, with 44% of people with mental health problems who fell behind on payments during the padnemic considered or attempted suicide - amounting to 2.5 million people in total.

And the risk of people becoming sucidial increased with the level of debt with 58% of those with debts over £30,000 saying they considered or attempted suicide during the pandemic. In addition to this, one in four people with mental health problems say they have no savings that they could use in emergencies, and 46% say they can’t afford to save money regularly.

Commenting on the research, the Money and Mental Policy Institute’s founder and chairman Martin Lewis said: “The pandemic financially split the nation. Many gained - those who had support and lower costs often built up savings.

“Yet for others, it was catastrophic and it’s a national tragedy that a disproportionate number of that group are those struggling with mental health who missed out on the support they need to avoid reaching crisis point.

“We’re only beginning to understand the full impact of the pandemic on our lives. But those shocking findings make it clear that too many people with mental health and debt problems were excluded from help, and allowed to slip through the cracks, and the results have been disastrous.”

The research also highlights a worrying number of people with mental health problems who missed out Covid-support measures. For example, despite 18% of people with mental health problems fell behind on water payments, only 6% were able to access a water payment holiday.

Based on these findings, the Money and Mental Policy Institute are making a number of wide-ranging recommendations to government, essential services providers and healthcare professionals on how they can reduce the pressures that people with mental and debt problems face.

The government, it says, should priortise tackling links between debt, mental health problems and suicide in its pandemic recovery plans. It added that addressing the link between financial difficulty and serious mental health problems should be at the heart of health secretary Sajid Javid’s recently published cross government white paper on health prevention and inequalities.

Additionally, GPs, A&E departments and community mental health services should routinely ask people receiving treatment for mental health problems about their finances, while providing clear signposting pathways to assist those who need it.

It also calls on banks, energy companies and other essential services providers to proactively identify customers who may be struggling and improve the support they offer. This could, for example, include offering realistic payment plans and freezing interest and charges.

Lewis said this research is about “raising the alarm, adding that “government, health professionals and essential services need to double down on efforts to stop people with mental health problems falling further into financial hardship.

“Prevention is better, and in the long run cheaper for the nation, than cure. I hope the rhetoric about ‘building back better’ from the pandemic is more than just a soundbite, as there is no time to waste - lives are at stake.”