Financial and mental well-being: push to help people navigate money matters

A financial and mental well-being campaign by PFIMA aims to encourage better understanding of finances and increase awareness of how people can access help if they need it.

The Personal Investment Management and Financial Advice Association (PIMFA) has launched a financial and mental well-being 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 that 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 well-being.

“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 well-being.”

Why is financial and mental well-being important?

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

Financial well-being 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 of resources and tips on how to manage your money to ensure financial and mental well-being, as well as details of where to get financial advice.

This article was first written by our sister magazine Moneywise.

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