To support individuals struggling with their financial wellbeing, debt advice experts, PayPlan, have launched a new online resource to help people better manage their relationship and approach to money. The Financial Wellbeing Hub is free for everyone to use and sets out steps to improve your financial education and look after your personal wellbeing.
A person’s financial wellbeing is made up of their relationship with money and understanding of how it affects everyday life. Good financial wellbeing means you’re in control of managing money and understand how any changes will affect you. Bad financial wellbeing is dangerous and can lead to problems if left alone without help.
The launch comes ahead of Time to Talk Day on February 4th 2021, which seeks to open up the discussion around mental health and end the stigma surrounding it. 1 in 4 people will experience a mental health problem and every year 100,000 people in England attempt suicide because of debt, which is why it has never been more important to highlight the links between mental health and debt, whilst offering advice.
Rachel Duffey, CEO of PayPlan, said of the new Financial Wellbeing hub: “I am delighted to announce the launch of our Financial Wellbeing initiative – a free resource for clients who are finding it difficult to manage their money and deal with the emotional effects of financial stress.
“This is a new proposition that aims to support individuals before their money worries turn into a debt problem. This early intervention will provide them with all the tools and resources they need to budget better, make the most of their income and save money on their essential outgoings, and has lots of important information for people who may suddenly find themselves living on a reduced income due to redundancy or furlough.
“Our resources on mental health and physical wellbeing have been developed in collaboration with some of our key referral partners and we believe will provide much-needed support to anyone suffering with their mental health, an addiction or experiencing relationship issues as a result of their financial situation.”