A review has been launched with the aim of assessing the latest evidence of how debt management problems and mental health are linked in the UK.
The Finance and Leasing Association, the Royal College of Psychiatrists and the Money Advice Trust have collectively initiated the project that will focus on a variety of social and economic issues.
It is hoped that the process will result in consumers around the country being given debt advice that takes mental health concerns more directly into consideration.
“It is estimated that people with mental health problems are three times more likely than average to be in debt,” explained Joanna Elson, Chief Executive of the Money Advice Trust.
“This project will be immensely helpful in identifying and helping to ‘translate’ academic findings into a practical, user-friendly format and supporting those in the advice sector.”
Last month, the mental health charity Mind ran a campaign aimed at increasing awareness across the country of the widespread correlation between debt problems and stress-related illness.