Improving Mental Health Through Financial Support: The Impact of Pound Advice

November 10, 2023

During Lifelong Learning Week (6th – 10th November), we’re celebrating adult learners and championing adult learning providers who enrich people’s lives, and one such provider is Pound Advice. Pound Advice is a free money and debt advice service for L&Q residents, funded by L&Q housing association and managed by We Are Group.

Mental health and money worries are closely linked, and it’s important to recognise the impact that financial difficulties can have on a person’s mental wellbeing. The Mental Health Foundation states that money worries are the most common cause of anxiety, with more than one-third of UK adults with anxiety saying they feel ashamed to talk about it.

Taking action to lessen the financial strain, Pound Advice provides L&Q residents with free money and debt advice to help them manage their finances and reduce their money worries.

Pound Advice helps residents deal with any debts and claim benefits and grants they may be entitled to, supporting them through the process. As well as this, Pound Advice provides financial advice on how to budget income and make money go that little bit further. They work with residents to create a plan that is tailored to their financial circumstances, giving them the help they need, step-by-step.

For many L&Q residents, Pound Advice is more than just a money and debt advice service – it’s a service that improves their mental health. When people contact Pound Advice, they not only receive expert financial advice, but they are also provided with relief from the overwhelming stress and anxiety that is often caused by their financial struggles.

As part of the service, they are offered an appointment with a specialist advisor, from an approved money advice organisation, where they receive money and debt advice from a qualified professional. Understanding that money struggles can be difficult to talk about, the advisors create a safe and confidential setting where people feel comfortable sharing their challenges.

L&Q resident Barry received life-changing support from his trained advisor, Samantha. Struggling with substance abuse, medical conditions, and financial problems, Barry was referred to Pound Advice and was helped to get back on his feet. Now in a financially stable position, Barry is grateful for the Pound Advice service, saying:

I had all the bills pulling me down. But now I feel more comfortable, and if it wasn’t for them [Pound Advice], I don’t know where I’d be.”

We’re proud to be championing Pound Advice and the important work we do in helping people regain control over their financial situations and reduce their money worries. We believe that everyone should have access to the support they need to manage their finances, in turn benefitting their mental well-being, and Pound Advice is a great example of how this can be achieved.

If you’re an organisation interested in supporting your customers’ mental health with advice and support, contact us here.

If you’re an L&Q resident looking for help with your finances, get in touch with Pound Advice to get back on track.

Call Pound Advice on 020 3475 2221

Or email:

We Are Group