About Mental Health UK
With 50 years’ heritage, we are the only mental health charity working UK-wide, delivering both national and local services that empower people to understand and manage their mental health in a person[1]centred and empathetic way. We provide support and services for some of the biggest societal challenges that pose a threat to people’s mental health and challenge the causes of poor mental health, providing people with the tools they need to live their best possible life at home, school, and work. In response to the rise in money anxiety amongst young people, we co-produced a new pilot programme, Me & Money, which seeks to support young people with their anxieties around money.
Me & Money – A new programme explore links between money and mental health.
49 per cent of 16–25-year-olds in the UK think the cost of living crisis has had a worse impact on their life than the pandemic and the crisis has led 70% of all young people feeling anxious about money.
Initiated in response to the cost-of-living crisis, Me & Money is a new and innovative programme which aims to provide young people aged 14-18 with the knowledge to confidently manage their relationship with money, to better understand the interconnection between money and mental health and how their attitude towards money can influence their thoughts and behaviours.
The programme was fully co-produced with young people and the pilot reached more than 1,500 participants across the UK.
Key Findings from the pilot:
Our evaluation showed that young people found the programme useful in managing their anxieties around money and that there is a clear need to address these anxieties as a driver of poor mental health.
§ 84% of young people said they would be able to use what they learnt to help them in the future.
§ 86% of young people reported having a better understanding of how their attitudes towards money can influence their thoughts and behaviours.
The pilot also showed clear trends in how money is currently affecting young people.
§ Both age groups reported feeling concerned about how money might affect their future; for 17 – 18 year olds this was increased, and the future was a major concern.
§ More than 60% of young people living in the most deprived areas felt that their parents reported significantly higher levels of anxiety about money, with particular anxieties around family finances in evidence.
§ There is a low level of knowledge about where to find financial tools and resources, with just 33% saying they knew where to find tools and resources to help them cope with their anxieties around money.
Next Steps
Following the pilot, Me & Money is now being redesigned together with young people in response to our findings. After this, we will scale up the programme ready to roll it out across the UK in September 2024.
To find out more about how Me & Money can help young people or to get involved, please email David.SengaLubendo@mentalhealth-uk.org