WATCH Helen Undy's speech at CFG's Annual Fundraising Dinner on the connections between mental health and money, and what charity leaders can do to support staff.
Helen Undy is the CEO of the Money and Mental Health Policy Institute, a small charity dedicated to tackling the complex link between money and mental health problems.
The Institute's mission is to create a world where financial security is not dependent on mental health, and vice versa. The charity achieves this through conducting research, lived experience initiatives, and leading advocacy campaigns.
Mental health and financial strain: A vicious cycle
Helen highlighted some concerning statistics surrounding mental health and financial difficulty. One in four people are currently experiencing mental health issues, whilst half will experience problems at some point in their lives.
Helen linked this to financial strain, noting that those struggling with mental health are nearly four times more likely to face financial hardship.
This hardship stems from a combination of factors: reduced income due to difficulty maintaining employment, increased expenses due to the challenges of managing daily tasks, and the impact of mental health on cognitive function.
The financial strain can then contribute to a worsening of mental health, creating a vicious cycle which can be hard to escape from.
Charity employers: Fostering a supportive workplace
Helen acknowledged the dedication of charity finance professionals, who often choose lower-paying positions to contribute to a good cause.
She emphasised the importance of creating a supportive workplace environment for these valuable employees, many of whom may be facing financial difficulties themselves.
These are some of the key takeaways from her suggestions:
- Reduce upfront costs: Consider eliminating practices like birthday collections or requiring employees to pay upfront for expenses. Explore the use of corporate cards or payroll advances.
- Smooth income fluctuations: For employees with unpredictable income, implement tools like payroll lending or savings schemes.
- Open communication: Normalise conversations about money and mental health. Offer resources and signposting to employees who might be struggling financially.
- Review policies: Evaluate policies like sick pay, particularly during probation periods, to ensure they adequately support employees facing challenges.
- Small changes, big impact: Even seemingly minor adjustments can significantly impact employee wellbeing.
A collective effort
While tackling poverty, debt, and mental health issues on a large scale might seem daunting, Helen challenged the audience to identify areas they can influence within their own organisations.
By implementing these practical suggestions, charity employers can create a more supportive work environment for their staff. This, in turn, can contribute to a healthier, more productive workforce dedicated to fulfilling the missions of their respective charities.
Resources from the Money and Mental Health Policy Institute
- Best Practice Guide for employers
- Join the Institute's confidential Research Community, to share your own experiences of mental health problems to inform the Institute's work and help them drive change.
- Join the Institute's Professional Network - a monthly newsletter that gives first access to the Institute's research reports and events.