PIMFA, a trade association for personal investment managers and financial advisers, has launched a campaign to highlight the link between financial and mental wellbeing.
The Financial Journeys Campaign aims to raise awareness, fight the stigma around mental health and tackle the prevailing reticence around discussing money.
Research has shown that money and mental health are often linked – poor mental health can make managing money harder and worrying about money can make mental health worse.
In the UK, 94% of employees are suffering from money worries and 59% rank it as their biggest cause of stress and anxiety.
The campaign also highlights the peace of mind that can come from individuals managing their money, planning ahead to meet their needs and having a trusted adviser that helps them navigate through their life’s most significant moments.
PIMFA chief executive Liz Field said people are, at various times, all faced with difficult decisions that often involve money and planning for their financial future.
“This can be stressful and can affect our mental and financial wellbeing. However we don’t have to face these decisions alone,” she stated. “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.” Financial firms are being encouraged to share tips and guides with PIMFA and their customers to help to improve financial education and highlight the benefit of financial advice.