By offering financial education and support to those with mental health struggles, the government could double recovery rates.
This is according to a report by the Money and Mental Health Policy Institute, which revealed it could help an additional 27,000 people with mental health problems every year.
Chair and founder of the organisation Martin Lewis said: “Financial problems and mental health issues are locked together, it’s about time treatments were linked too.”
He noted the cost-of-living crisis is showing no signs of going, which means people will continue to need financial training for years.
The Money Saving Expert stated that people should be able to access money advice, as well as mental health support, as this could help with debt problems, and subsequently relieve anxiety and depression.
According to the research, people who have had mental health challenges within the last two years are three times more likely to have been behind on a key bill.
Indeed, 19 per cent of those with anxiety or depression will have defaulted on at least one important bill, compared with six per cent of adults with no mental health history.
What’s more, 60 per cent of those with mental health problems said rising costs have left them feeling unable to cope.
This comes after the Mental Health Foundation revealed the most common cause of anxiety was not being able to afford bills.
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