“The prime minister says that easing the cost of living is his main focus for this year, and ensuring that everyone who needs quality income maximisation support can access it should be a top priority in those efforts.”
Around 3.4 million people in the UK with mental health and debt problems could benefit from support to help them access unclaimed income, according to the charity.
“People tell us that this support has been life-saving when they have been dealing with really severe financial and mental health problems. It is unacceptable that the way these services are funded means that many people miss out because the support they need isn’t available in their areas,” Undy added.
Around 72% of survey respondents who could benefit from these services said they were unaware they existed.
For those who are aware, the “stigma associated with accessing help and the cognitive and psychological impacts of their mental health condition were key reasons that prevented them from reaching out”.
One respondent said: “I felt ashamed as I don’t like asking for help. I’m one of those people who find it hard to ask for help, preferring to see if I can solve issues alone.”
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Another added: “Working up the courage to call was the hardest part. Depression and anxiety create unhelpful narratives in my head which prevent me from taking action.”
The Money and Mental Health Institute called for better referrals and signposting to this support, such as from health professionals or essential service providers.
“I just don’t know what help is available,” a respondent said. “There’s no one to tell you this is what you can get or go here for support.”
Benefits calculators, such as those run by Turn2Us or Policy in Practice, offer a “scalable, low-cost way to help people maximise their income” and can be an “incredibly useful tool”. Just over half of survey respondents had used a benefits calculator.
However, fewer than one in five (17%) said it gave them all the help they needed, and nearly half (45%) found it difficult to act on the advice provided.
The Money and Mental Health Institute said that these calculators cannot be an alternative to personalised, adviser-led support services, particularly for people with complex needs.
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People said that when they did reach out for help, they were often met with long waiting lists and services which were too overstretched to offer support.
One respondent said: “They have long wait times and unhelpful staff who don’t have the resources to help. I am already suffering with a severe mental health disability and these processes are not designed for those in actual need of help.”
The Money and Mental Health Institute is urging the government to commission a full review of provision nationwide to better understand how this support is being funded and delivered. It argues that the findings should form basis of a coordinated strategy to ensure support reaches those who need it.
The charity also said that banks and essential services providers should commission income maximisation tools and services and ensure that they refer customers to this support – especially when customers are experiencing or are at risk of financial difficulty.
Undy said: “We need government and service commissioners to urgently reform this broken system so that more people at the sharp end of the cost of living crisis get the help they need to make ends meet.”
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