I was digitally penning a post around the unintended value of the new online banks towards helping with mental health when I came across this video from Monzo.
More interestingly is this report from Money and Mental Health that calls out traditional banks for not helping those most vulnerable.
Compulsive spending often occurs during the illness and may appear as a sign of recovery as it is interpreted as necessary gratification. It is also a challenge for those caring for an individual since they cannot have any influence or control with the banks. I hasten to add that is most probably a good thing for a number of reasons but equally a concern for others who are responsible and seeking advice.
It is quite hard to find a traditional bank with information around this delicate subject. The British Bankers’ Association has agreed that the financial industry should “raise its standards” with regards to mental health. According to Deloitte's study mental health costs the UK economy £70bn per year. EY have also researched the subject and major changes in banking technology will assist with the subject of mental health. There is a huge opportunity here for the large consultancies to move the needle for their businesses but also generally, and at the same time help to address an issue that many people face.
I have just signed up for Monzo and look forwards to trying the platform to learn more about the 'friction' they put between you and spending. I believe this is a long sighted way to become a successful bank, and if you feel that the bank you select provides various types of support, you are more inclined to recommend it and bring on your family members.
Managing money is hard enough, let alone for someone with an illness and with the stigma around this topic it makes it even harder. Anything that the Fintech industry can do to help and raise awareness would be most welcome.