Money problems and mental health difficulties go hand in hand – but giving people the tools to deal with one can help with the other.
Kial Luke, Saffron Building Society’s branch cluster manager, takes a closer look at the scale of the problem and some of the help available, including Saffron’s new money skills initiative for vulnerable young adults in Essex.
According to the Money and Mental Health Policy Institute, people with problem debt are more likely to have mental health challenges while people who struggle with mental health are more likely to suffer debt difficulties. Which is – obviously - not great news.
Especially as, in 2024, over one in seven UK adults said their mental health was either bad or the worst it had ever been, with 'how to reduce stress' plugged into Google searches once every 10 minutes. But it isn’t just the more mature among us who are suffering.
The same research showed young people between 16 and 24 are most likely to be hit by mental health challenges, while data from the Money and Pensions Service revealed 18-34s made up a staggering 55 per cent of those needing debt advice in 2023 – a worrying combination.
Clearly, this is a problem that really must be dealt with. The cycle of money difficulties feeding into mental health issues needs to be stopped; if we can make a dent in that at a crucial time, for instance just as people are starting their adult lives, then we have a chance of making a difference, and creating a lasting, positive impact.
At Saffron, while, of course, we’re not health professionals we do know a fair bit about money. We know people who are pretty good at the financial kind of education, too.
And because we were in a position to do something, put in place something that can – should – help, that’s exactly what we did.
We put £200,000 into funding money skills education for young people in Essex. The two-year initiative is aimed at those who’ve missed out on valuable early support, notably young care leavers - people just starting out independent lives as they leave foster care or care homes - and young adults who are not in education, employment or training (NEETs).
We’re paying for a dedicated trainer to teach those young people essential money management skills in a series of workshops across Essex; we’re also funding grants of up to £100 for those taking part, for educational materials, courses, or vocational tools – equipment for a trainee plumber, or supplies for an aspiring chef - giving them an extra bit of help along their chosen future path.
All of that is with the help of our partner, MyBnk, the UK’s largest charity dedicated to financial education for young people in need.
We’re really proud of the role we’ve played in bringing their training to the county, not least as we believe everyone should have the chance to develop good financial skills, and that’s even more important for those from challenging backgrounds.
After all, good money management helps with independence, and encourages planning for financial security; if a lack of control and understanding of money leads to mental stresses, it stands to reason that better financial skills can lead to healthier lives, too.
It’s important to us that we help as many people as we can so, if you know someone you feel would benefit from those workshops, take a look at our dedicated web page: www.saffronbs.co.uk/mybnkpartnership.
If you find you’re struggling yourself, please remember however hard things might be, you are not alone.
Please seek help rather than suffering in silence – one excellent resource is www.mentalhealthandmoneyadvice.org or www.mind.org.uk but there are many more.
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