Partner spotlight session Money and Pensions Service – financial wellbeing

Karleen Dowden provided an overview of what Money and Pensions Service are offering customers who are in financial hardship and debt. She spoke about the tools which are available to use for free on their website, which are also free for partners to use on their websites. Karleen also spoke about money and mental health. She advised that people who are in problem debt are significantly more likely to experience mental health problem:

• Half (46%) of people in problem debt also have a mental health problem.
• Four in ten (39%) people with a mental health problem said their financial situation had worsened their mental health problems
• Financial difficulties are a common cause of stress, and stigma around debt can mean that people struggle to ask for help and can become isolated.
• The impact on peoples mental health can be particularly severe if they resort to cutting back on essentials, such as heating and eating, or if creditors are aggressive or insensitive when collecting debts