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PayPlan launches Financial Wellbeing hubDebt is a major problem in the UK. The effects of Coronavirus over the past 12 months has caused more people to fall behind on repayments and require support with managing their money and mental health. This is also known as Financial Wellbeing.
PayPlan have launched a new online resource to help people better manage their relationship and approach to money. The Financial Wellbeing Hub sets out steps to improve financial education and look after personal wellbeing. There are tips on reducing spending, maximising income, setting financial goals and finding out where emotional support is available.
What is Financial Wellbeing?A person’s financial wellbeing is made up of their relationship with money and understanding of how it affects everyday life. Good financial wellbeing means you’re in control of managing money and understand how any changes will affect you. Bad financial wellbeing is dangerous and can lead to long-term problems if left alone without help.
Why PayPlan have acted nowThe launch of the hub comes ahead of Time to Talk Day 2021. The day falls on 4th February 2021 and openly discusses mental health and end the stigma surrounding it. 1 in 4 people will experience a mental health problem and every year 100,000 people in England attempt suicide because of debt. Highlighting the links between mental health and debt, and offering support, has never been more important.
Rachel Duffey, CEO of PayPlan, commented:
“It’s difficult facing up to debt, let alone talking to somebody about it. We have launched the Financial Wellbeing hub to help in these difficult times.
“Our new resource is here to give anybody with money worries the information they need and the confidence to tackle their financial and emotional problems head-on in a safe environment.”