Barclays, HSBC, Lloyds, Monzo and Nationwide Building Society will collaborate with Martin Lewis' charity, the Money and Mental Health Policy Institute, on a new scheme aimed at combating links between debt and mental health difficulties.
Martin Lewis, founder and chair of the Money and Mental Health Policy Institute, has described the relationship between debt and mental health struggles as a "marriage made in hell", saying the two factors can create feelings of hopelessness for some people. The charity said it will support the banks and building society to collaborate and explore new approaches, with the aim of learning what works and leading a change in support.
Banks in a unique position to help
The charity said banks can play a critical role in offering support to customers because of the insights they have into people's finances. For example, the charity suggested banks may be able to step in to support customers when they are seen to be experiencing debt problems or facing drops in income.
The "action lab" will use insights from people and from Money and Mental Health's research, as well as from a steering group including the Financial Conduct Authority (FCA). Money and Mental Health will publish the outcomes of pilots in summer 2028.
Charity aims to save lives
Mr Lewis said: "The link between mental health difficulties and debt is a marriage made in hell – they feed off and cause each other. Long-term money worries grind people down, and aggressive debt collection practices can leave them feeling completely hopeless.
"Banks didn't cause all these problems, but they are in a unique central position in people's financial lives, and we want to see if it's possible to take advantage of that to be able to spot when customers are in trouble and urgently direct them to the right support. So I'm delighted and thankful so many major banks have committed to working with Money and Mental Health on our new suicide prevention action lab."
Mr Lewis added: "We aim to get under the bonnet with banks to find the gaps, test new ways to identify and support people in crisis, and drive change not just with those who've signed up but right across the sector – and potentially save lives."
Ministers welcome the project
Economic Secretary to the Treasury Lucy Rigby said: "Financial worries and mental health challenges too often go hand in hand. I have seen first-hand how the industry can make a real difference to people's lives through concerted action and I am very hopeful that this excellent project will help us find new ways to support people before they reach crisis point."
Alison McGovern, Minister of State for Mental Health, added: "The suicide prevention action lab has the potential to make a real difference in identifying and supporting vulnerable people who are at risk of suicide, and save many lives over the coming years."
The Samaritans charity, which offers support to people who are struggling, said earlier this week it wanted to let people know that suicidal thoughts "can be interrupted" by other people – and that rather than being concerned with saying "the perfect thing", it is better just ask if someone is okay.
