This week is Mental Health Awareness Week, and all week on the blog and in the community we’ll be thinking about mental health, money, and what Monzo can do to help.
Here’s what’s in store for the week, and a bit about why we care so much about mental health.
Money and mental health
It might seem strange for a bank to be interested in mental health. But money and mental health are very closely linked. Your mental health can have a massive impact on your money, as well as the other way around.
Mental health conditions like bipolar disorder, gambling addiction, or depression can often lead people to spend beyond their means, while financial difficulties and debt can cause depression, anxiety and stress.
According to charity Mental Health UK, around four million people in the UK have both mental health and money problems, and another four million are at risk of mental health problems because they’re in financial difficulty.
As a bank, we know that many of our customers will experience mental health problems that affect their money. That means we have a responsibility to understand how mental health problems can affect people’s financial lives. And it also means we’re in a powerful position to help.
This week, we’ll explain what we’re doing to support Monzo users with mental health problems – whether that’s by taking a more compassionate approach to recovering debts, or building product features that help prevent financial difficulties in the first place.
A lot of this work is done by our Vulnerable Customers Team, who’ll be taking over our Twitter and answering questions on the community forum this Tuesday!
Supporting our staff
Monzo is also a demanding place to work. Things move quickly and change often. We’re all under pressure, and we care a lot about what we do. And while this can be part of what makes our jobs fulfilling, it can also be incredibly stressful.
According to a recent report on mental health in the workplace, in 2017 60% of employees in the UK experienced mental health issues because of work. Almost a third of working people have been diagnosed with a mental health issue, the most common conditions being depression or anxiety.
To discuss the particular pressures and stresses of work – and understand how we can manage them a little better – at an event on Thursday we’ll hear from the people and organisations designing new ways to help us cope with stress. Sign up to join us!
On the blog we’ll also share what we do to try and support everyone at Monzo to manage stress and achieve mental wellbeing. And on the forum, staff from Monzo will share some of their own experiences with stress, tips on how to manage it, and ask you to share yours too!
Stay tuned for updates all week on the blog and on Twitter, and join the discussion on the community forum.