The latest research shows that half of doctors and other health and care professionals are reporting a rise in money-related health issues.
And yet the majority of those dedicated health and care professionals feel they are unequipped to have such financial conversations with the patients affected.
While they are tremendously talented and highly skilled in their own field, those patient-facing specialists readily admit they do not have the necessary expertise and financial knowledge to talk to, and advise, people whose mental health is being so damaged by personal money worries and concerns.
The research suggests that the vast majority of healthcare professionals ‘feel it isn’t their place’ to talk to patients about their money, or that they ‘fear causing real embarrassment’.
They also worry they ‘won’t have the answers’ and that could add to someone’s mental health problems.
And yet those same healthcare professionals are of the overwhelming opinion that talking about money – and providing guidance, support and education – can help prevent health issues developing further.
So what’s the solution?
Well, we need to stitch that widening advice gap for a start! Close it up as quickly as possible! Because financial health DOES affect mental health.
Millions of people, through not having the required knowledge at their fingertips, are not able to make better informed financial decisions and achieve what they want from their lives.
For example, recent research by the Institute for Fiscal Studies found that more than four in 10 people in their 50s and early 60s, who had a defined contribution pension, did not know how they planned to access their pensions. As a result, those people risk making poor financial choices.
Through our financial wellbeing service, Lifetime is passionate about providing a solution to this alarming gap in knowledge, education, guidance, help and advice.
That’s what people need right now.