PIMFA launches financial and mental wellbeing campaign

PIMFA launches financial and mental wellbeing campaign

The campaign aims to raise awareness of how people can get the help they need to make important financial decisions

Stephen Little
Tue, 11/19/2019 – 11:18

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The Personal Investment Management and Financial Advice Association (PIMFA) has launched a financial and mental wellbeing campaign.

The campaign aims to raise awareness of the stigma surrounding mental health and the reluctance about discussing money.

It is looking to encourage a better understanding of finances and increase awareness of how people can access the help they need to make important decisions about their financial futures.

PIMFA is encouraging financial firms to share the tips and guides available with customers to help improve financial education and highlight the benefit of professional financial advice.

Liz Field, PIMFA chief executive, says: “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.”

Why is financial and mental wellbeing important?

Poor mental health can make managing money harder and worrying about it can make your mental health worse.

Financial wellbeing is important as it can contribute to severe mental health conditions such as anxiety, stress and depression.

Research from Close Brothers shows that 94% of UK employees are suffering from money worries.

Professional financial advisers and personal investment services can play a vital role in offering support and providing suitable advice to ensure clients do not face difficult decisions alone.

Charities such as Mind or StepChange can also offer support if you are having financial worries.

Where can I find out more?

The PIMFA website has a range resources and tips on how to manage your money to ensure your financial and mental wellbeing as well as details of where to get financial advice.

Where to get help

If you are worried about your financial wellbeing there are a number of charities and organisations that can offer help.

Mind is a charity which offers advice and support for people with mental health problems. You can go to its website at mind.org.uk or you can call 0300 123 3393 to speak to an adviser.

StepChange is a charity that offers free and confidential debt advice over the telephone and online. To get in touch, call 0800 138 1111 or go to its website at stepchange.org.

National Debtline is a free telephone debt advice service for people in England, Wales and Scotland. Go online at nationaldebtline.org or call 0808 808 4000.

Citizens Advice and Citizens Advice Scotland provide face-to-face support at more than 3,500 locations across the UK