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Celebrating World Mental Health Day 2023

October 10^th is an opportunity for people around the World to celebrate World Mental Health Day 2023 and raise awareness and have important conversations about mental health and wellbeing. Every year on this date, mental health charities work hard to highlight the importance of looking after our mental health and supporting others as best we can.

This year’s theme ‘Mental health is a universal human right’ hits hard during a time when many people are struggling mentally due to the current cost of living crisis and the after effects of the Covid-19 pandemic.

As a business working within the financial services industry, we see the impact of poor mental health every day and believe it is so important to support the people who are struggling most and point them to the right resources. Financial concerns are becoming one of the biggest reasons for poor mental health in the UK, making policies like income protection insurance even more important for helping with financial stability.

We’re calling for insurance providers to continue working towards better outcomes for people with mental health conditions – everyone has the right to a great policy regardless of their mental (or physical) health.

What is the theme of World Mental Health Day 2023?

Every year a theme is chosen for World Mental Health Day and for 2023 that theme is ‘Mental health is a universal human right’.

Put simply, this means that everyone in the World is entitled to the respect and support they need to prioritise their mental health. There are some easy ways that we can all do better in helping the people around us to feel more comfortable in talking about their mental health:

Talk about our own mental health and lead by example (offer a ‘safe space’)
Be open and encouraging when people want to discuss their mental health
Encourage others (in work, at home, at school etc.) to learn more about mental health and how they can help others

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What is the link between financial worries and mental health?

Sadly, money worries have become one of the main driving forces behind deteriorating mental health in the UK. Insurance and mental health experts are calling for better mental health support and resources to be available in workplaces and places of education throughout the country.

It should be a priority for employers to offer services to help their staff who are experiencing mental health issues (or to know the correct resources to signpost to).

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Recent financial research suggests:

Half of 18-24 year olds worry about their finances due to the ongoing economic crisis (with 70% more concerned than they were last year)
Stress and anxiety due to financial issues is the leading concern among staff members (around 30% across all generations)
Debt has replaced work as the highest cause of stress for employees (Gen X)
55% of Gen Z do not feel confident in managing their finances with 75% reporting their desire to have received better financial education while in school

There are some brilliant UK charities and support services offering help and education around mental health, financial management and emotional wellbeing.

MoneyPeopleOnline – FREE financial advice resource
Mental Health and Money Advice Service – a FREE impartial service run by leading UK charity Mental Health UK
MoneySavingExpert.com – FREE financial advice resource
Mind UK – Charity
YoungMinds – Charity
Chasing the Stigma – Charity
Mental Health Foundation – Charity
Samaritans – Charity

How can I support myself if I need time off work because of mental health?

There are several insurance policies that can be useful for people who are struggling with their mental health or are worried about their financial situation.

Income protection insurance – if you needed time off work due to your mental health, income protection insurance would work to replace your usual income. This can remove some additional stress by ensuring you can still pay your bills no matter how much time off you need.

Health insurance – Private health insurance can help you to cover the cost of private medical treatment if you experienced issues with your mental health. Many insurers will included (or have the option to add) specific mental health support benefits such as counselling.

Critical illness cover – Mental health and physical health are known to be closely linked. If you are diagnosed with a serious condition, you may find your mental health takes a hit as well. In this situation, critical illness cover can provide a cash lump sum which supports you financially so you don’t also need to worry about things such as affording mortgage or rent payments.

Life insurance – if you are worried about how your loved ones would cope financially in the event of your death, life insurance can provide some peace of mind. These policies pay out a cash lump sum to help with things like funeral expenses – which can be extremely costly.

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Helpful mental health insurance guides

If you’re worried that your mental health might affect your chances of getting the insurance you need, here’s some of our useful guides to help answer all of your questions.