Many vulnerable individuals are failing to access crucial financial support due to their reliance on online tools that are not user-friendly, according to a recent report by the Money and Mental Health Policy Institute. An estimated £24 million in benefits goes unclaimed each year, largely because those who need assistance are often unable to navigate online calculators without personalised guidance.
The Challenge of Online Accessibility
The current trend towards digital resources has left many individuals struggling to claim the benefits they are entitled to. The charity highlights that a significant number of vulnerable people, including those dealing with mental health challenges, find online calculators complex and overwhelming. As a result, they may miss out on vital financial aid at a time when they are already grappling with high levels of stress and anxiety.
Helen Fisher, who once faced dire financial circumstances herself, has shared her experience of how crucial face-to-face support was in turning her life around. Now 69, she had to leave her job to care for her husband, Ken, after he suffered a stroke, plunging their family into financial instability. “I was at the end of the road,” she recalled. With mounting debts and the threat of losing their home, it was only after receiving personalised assistance that they began to see a way out of their predicament.
A Call for Personalised Assistance
The Money and Mental Health Policy Institute’s report, published on Wednesday, underscores the urgency of providing tailored support to those who need it most. Helen Undy, the charity’s chief executive, expressed concern that many individuals with serious financial and mental health issues are missing out on essential support. “It is alarming that in the midst of a cost-of-living crisis, so many people with serious financial and mental health problems are missing out on this vital support to boost their income,” she stated.
The charity advocates for a cohesive strategy that prioritises personalised advice and calls upon banks and essential service providers to improve their referral processes. With limited funding often stretching debt advice services thin, the disparity of support across different regions exacerbates the issue.
Government Response and Future Steps
In response to these findings, the Money and Pensions Service, which is funded through a levy on the financial services sector, has indicated that £84 million will be allocated for debt advice in 2024-25. Christy McAleese, head of debt policy at the service, affirmed their commitment to enhancing debt advice services in England, stating that they are dedicated to helping individuals achieve a more secure financial future.
However, critics argue that more needs to be done to ensure that vulnerable people can access the support they need. The challenge lies not just in funding but in ensuring that services are designed with the user experience in mind, particularly for those who may be overwhelmed by the complexities of online tools.
Why it Matters
The ongoing cost of living crisis has heightened the urgency of this issue, as many individuals are left without the necessary resources to navigate their financial challenges. The lack of accessible support not only exacerbates financial hardship but can also lead to severe mental health repercussions. It is essential that both governmental and charitable organisations take decisive action to create a more inclusive system that prioritises personal interaction and guidance. By doing so, they can help ensure that vulnerable individuals receive the financial support they so desperately need, ultimately fostering a healthier and more secure society.
