Think tank calls on banks to ‘step up’ to tackle the unfair disadvantage faced by customers with mental health problems


basicBanks and financial institutions must change the way they operate to give customers with mental health problems equal access to good customer service, a leading mental health think tank urges today.

New research, published today, fully demonstrates for the first time how financial capability – people’s ability to manage everyday financial tasks like paying bills or budgeting – is affected by periods of poor mental health, putting these consumers at serious disadvantage and causing untold harm. A rigorous survey of peer-reviewed academic literature shows that:

  • People with depression, OCD or PTSD are likely to struggle with short-term memory. This can make it much harder to remember PIN numbers or the details of a conversation with the bank
  • People experiencing bipolar disorder or ADHD often struggle to resist impulses, and may go on dramatic spending sprees, sometimes funded by credit cards and overdrafts  
  • People with borderline personality disorder or psychosis can find it very difficult to compare options and might struggle to work out which financial products are right for them
  • Depression, substance dependence, borderline personality disorder and psychosis can all make it more difficult for people to plan ahead, meaning customers may not understand the implications of financial decisions like taking out a loan
  • Serious anxiety can cause difficulty making telephone calls or opening post, making it harder to deal with financial problems and to keep track of bills

From textphone to wheelchair accessible branches, it’s now widely accepted that adaptations are needed to support people with physical disabilities to use financial services. But adaptations to support those with mental health problems are rare, even though consumers with these health conditions are three times more likely than those without to be in financial distress.

Simple changes like introducing voice recognition to access accounts, offering a written record of telephone conversations or allowing customers to speak to a company on web chat or by email could make all the difference between managing well and ending up in serious debt as a result of missed payments and bank charges.


Commenting, the Director of the Money and Mental Health Policy Institute, Polly Mackenzie, said:


“For too long, it’s been assumed that when people with mental health problems get behind on bills, or struggle to stick to their budget, it’s because they’re lazy or incompetent. Our research proves beyond doubt that’s just not true.


“We have assembled all the evidence to prove that mental health problems can severely affect consumers’ ability to stay on top of their finances, shop around, or manage a budget. It’s time for the financial services industry to adapt its services to help support people when they’re unwell – just as they do to help people with physical disabilities who struggle to access a branch or engage on the phone.


“One in four of us will experience a mental health condition in any year, so this is not a niche problem: it should be core business. Today’s report should be the starting gun in a new race to the top for banks, energy companies and everyone else who supplies essential services. This is a significant chunk of their market, who are currently left under-served.”


Read the full report here



Helen Undy, 07827917829, [email protected] for all media enquiries including interviews with spokespeople. CASE STUDIES AVAILABLE.

Notes to Editors

  • The Money and Mental Health Policy Institute was set up by Martin Lewis in spring 2016, registered charity number 1166493.
  • It conducts research and develops policies for banks, lenders, regulators, the health service and government to help people with mental health problems protect themselves from financial difficulties and get out of debt.
  • Martin Lewis OBE, Money Saving Expert, is an award-winning campaigning broadcaster, newspaper columnist and author. He founded in 2003 for £100 and remains its full-time Editor-in- Chief. It is now the UK’s biggest money site, with more than 14 million monthly users. Martin has his own prime-time ITV programme – The Martin Lewis Money Show – and is resident expert on This Morning, Good Morning Britain and BBC Radio 5 Live’s Consumer Panel, among others.
  • Polly Mackenzie is the Director of the Money and Mental Health Policy Institute. She was previously Director of Policy for the Deputy Prime Minister, working in Number 10 and the Cabinet Office, from 2010-2015.
  • The new report is the result of an extensive review of peer-reviewed academic journal articles with information on the cognitive impacts of different mental health problems, conducted October 2016 – January 2017. The review only considered findings that compared the cognitive performance of people with a certain mental health problems against that of a group of healthy controls, ideally one that is matched for age and level of education. Only findings that reached statistical significance are reported.
  • Not everyone with a given mental health condition will experience the same cognitive or psychological impacts; this is simply a list of factors to bear in mind when designing or providing services.
  • Full details of methodology can be found at