The Personal Investment Management & Financial Advice Association (PIMFA) has launched its ‘Financial Journeys Campaign’ to promote the links between financial and mental wellbeing.
The Association recognises that there is a stigma that prevents many people disclosing their mental health problems and that some people are also reluctant to mention their financial concerns. It also comments that mental health problems and financial worries are often linked, because having a mental health condition can make it difficult to manage money effectively. PIMFA cites the Close Brothers Financial Welling Index 2019, which says that 94% of employees are suffering from money worries and 59% rank it as their biggest cause of stress and anxiety.
Other statistics on the campaign microsite include:
- Students graduate with an average debt of £50,800
- Someone in the UK is diagnosed with cancer every two minutes
- 1 in 3 of those born in 2019 will develop dementia
- Average household debt is now at a record £15,400
- The average cost of a funeral has risen by 80% since 2008
- 35% of adults have no pension savings
The campaign is designed to improve people’s understanding of finance and to ensure consumers have access to the support they need to make effective financial decisions.
PIMFA’s press release calls on its member firms to support the campaign, saying:
“Financial decisions can be stressful and can affect mental and financial wellbeing, however professional financial advisers and personal investment services play a vital role in supporting clients and provide suitable advice, to ensure clients are not facing difficult decisions alone.”
PIMFA’s CEO, Liz Field, said:
“At whatever point we are at in our journey through life, at various times we are all faced with difficult decisions that often involve money and planning for our financial future. This can be stressful and can affect our mental and financial wellbeing.
“However, we don’t have to face these decisions alone. From better financial education to advice from qualified financial professionals for guidance, we want to ensure that people have a better understanding of their finances, and access to the help they need to make important decisions. Our firms are at the forefront of helping people build and navigate their personal financial futures and safeguarding their financial and mental wellbeing”.
PIMFA has also said it will be lobbying Parliament on January 23 2020 to raise the profile of the financial services industry and to build lasting relationships with the new intake of MPs.
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