Mental Health and Money Advice Service

Today (16th January) marks the launch of an exciting new two-year charity partnership between Lloyds Banking Group and Mental Health UK.

The partnership aims to promote awareness of the link between mental health and money problems, encourage discussion between customers and colleagues and raise at least £2million per year in offices and branches across the UK.

Through this partnership, Lloyds Banking Group will work with Mental Health UK to create a pioneering Mental Health and Money Advice Service which will offer support for people experiencing both mental health and financial difficulties.

  

Research shows that one in four people are affected by poor mental health[1] and, of these, around four million will also struggle with their financial wellbeing[2]. The joint ambition of Lloyds Banking Group and Mental Health UK, a new charity which has brought together the strength and expertise of Rethink Mental Illness, Hafal, Support in Mind Scotland and MindWise, is to address this increasing need within today’s society, supporting Lloyds Banking Group’s wider ambition to help Britain prosper through tackling social and economic issues.

The two-year charity partnership is the result of a resounding mandate from Lloyds Banking Group colleagues who voted overwhelmingly (62%) in October of last year to support mental health as the Group’s new charity theme throughout 2017 and 2018. The partnership is launching today, with the ambition that it will encourage people to open up about their concerns and seek help.

Having the support of such a large banking group will enable us to make a huge difference supporting the four million people affected by both mental health and financial challenges in the UK”

Brian Dow, Director of External Affairs at Rethink Mental Illness said: “We are incredibly excited about what this partnership between Mental Health UK and Lloyds Banking Group can achieve. It’s the coming together of an organisation that really understands money, and charities that really understand mental health, and those two things belong together.

"Having the support of such a large banking group will enable us to make a huge difference supporting the four million people affected by both mental health and financial challenges in the UK.”

David Oldfield, Group Director Retail & Consumer Finance, and Executive Sponsor for Disability at Lloyds Banking Group said: “It’s very clear to us from our colleagues how much they care about mental health and they recognise how hard this can be to discuss. I’m delighted that the Group is working with Mental Health UK to help raise awareness and reduce the stigma of mental illness.

"Our colleagues feeling passionate about the issue is key to how successful we can be in working with our Charity partners and delivering the commitments we made within our Helping Britain Prosper Plan. We have a great track record of raising significant funds through our colleagues who are also very involved across their local communities.

"Given the importance of good mental health and wellbeing I’m confident that with the support of our colleagues we’ll be able to raise £2m this year alone to help Mental Health UK to provide support and help for those who need it”

Lloyds Banking Group has committed to raise £2 million each year for Mental Health UK. In 2015 and 2016, as part of the Group’s milestone anniversary celebrations, and with the ambition to raise the most ever for charity, colleagues, customers and members of the public raised over £12.5 million for the Group’s Charity of the Year(s), BBC Children in Need - the most raised by a corporate partner in just two years for the iconic charity.

[1] Adult Psychiatric Morbidity in England - 2007, Results of a household survey [http://content.digital.nhs.uk/pubs/psychiatricmorbidity07]

[2] The Money and Mental Health Policy Institute (2016) The Missing Link [http://www.moneyandmentalhealth.org/the-missing-link-how-tackling-financial-difficulty-can-boost-recovery-rates-in-iapt/]