One in five adults suffers from a mental health problem in any one year, affecting all aspects of life including budgeting and paying bills. Due to the rising demands of people affected with mental disorders, the challenge to help them cope is now being faced by banks. They must offer basic account options, as given to other vulnerable people, to help those coping with mental health conditions.
Being affected with mental health issues means that simple everyday activities such as budgeting and paying bills are compromised and difficult to execute. The Money and Mental Health Policy Institute (MMHPI) said that banks have the power to assist the mentally ill by setting spending limits on cards and providing people the option to set how banks contact them. Recently, the trade body for High Street banks has promised to improve inclusion of these modifications in their system.
To highlight the issue, the MMHPI published research suggesting that bouts mental health problems place people at risk of financial trouble. It found that people with depression or post-traumatic stress disorder were more likely to grapple with short-term memory, making it tough to remember Pin numbers.Those with bipolar disorder or ADHD often struggle to fight spending impulses, putting them at risk of regularly going over their budget, the BBC says.
Additionally, people with borderline personality disorder or psychosis struggle to compare financial options and are less likely to plan ahead. An extreme case of anxiety could also prevent people from opening letters or taking calls from banks. Clearly, mentally ill consumers are at a disadvantage when it comes to dealing with basic daily activities.
According to the TechCrunch, technology should be used to address the greater demands of consumers with mental problems. Apps that assist patients to easily contact their physician, or give them easy ways to get help through technolgy significantly eases the stigma around their condition. With the rise of mental health problems, banks and other institutions should modify their systems to accommodate these challenges.