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Banks Being Challenged to Address Mental Health Issues

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A policy institute is now issuing a challenge to banks to give assistance, particularly in basic account options, to people who are struggling with mental health conditions. According to the Money and Mental Health Policy Institute (MMHPI), those who are affected are burdened with common activities that normal people find easy to do such as paying bills and budgeting. They say that things such as issuing spending limits in cards and having the freedom to set up how bank reach out to users would make a lot of difference in helping these people.

Meanwhile, the trade body for High Street banks promised to make some changes for better inclusion. The British Banker’s Association vowed to raise standards in its mission statement and this should include working to improve mental health initiatives.

The MMHPI voiced out concerns after finding out that one in every four people is at the risk of suffering from a mental health condition. Research shows the people with poor mental health are more likely to have financial woes. Examples were made to demonstrate that this was indeed a big problem that must be met with a viable solution.

For one, it’s possible for people suffering from post-traumatic stress disorder or depression to have problems remembering the small stuff such as their PIN numbers. People diagnosed with ADHD or bipolar disorder have reportedly engaged in impulse buying, which led to unreasonable spending sprees. Anxiety on the other hand could lead people to ignore bank calls. Those who have psychotic disorders have difficulty planning for their future.

The MMHPI is now challenging banks to make use of systems which are specially designed to provide aid to people with mental health issues. A spokesperson from the BBA said that they would genuinely consider the recommendations of the policy institute in support to customers who are trapped in vulnerable circumstances.

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