Managing finances and mental health are very closely linked for two reasons:
- People in problem debt are more likely to experience mental health problems
- People with mental health problems are more likely to experience problem debt
According to the Money and Mental Health Policy data, almost half (46%) of people in probem debt have a mental health problem and almost one in five (18%) of people with a mental health problem are experiencing problem debt.
You may find it helpful to speak to someone about structuring your finances and we are working with Barclays to provide our members with the opportunity to access their Money Mentors scheme. Barclays Money Mentors offer free and impartial help to any of our members based in the UK.
You can ask them about anything, from the basics of budgeting to buying your first home. The team is trained to support you and guide you towards achieving your money goals – and you don’t have to bank with Barclays to get help. To book your 121 session please get in touch via our dedicated email address: [email protected].
Find out more about additional support available from Barclays such as LifeSkills sessions for people looking to get support in changing their careers and Financial Wellness seminars. Please note that once again these services are only available to UK-based members.
There are lots of places you can go for support, either if it's to get general information about good practice managing your finances, or if you feel overwhelmed and you need to speak to someone.
Many organisations also offer best practice information and advice for employers looking to support staff with financial wellbeing.
National debtline
Money and Mental Health Policy Institute
Practical financial skills from Finty
If you are looking for financial support and you are a Scottish solicitor, you may be eligible to apply to a fund for financial assistance to help you with your business, or with your personal finances.
The Scottish Solicitors' Benevolent Fund provides assistance to solicitors qualified in Scotland, or their dependents, who are in need of financial assistance and whose circumstances meet the criteria set by the trustees for the payment of grants.
The Scottish Solicitors' Benevolent Fund and the Tod Foundation are jointly administered by the Scottish Law Agents' Society and the Law Society.
For details on how to apply, please contact [email protected]
The Scottish Solicitors’ Benevolent Fund is a charitable trust governed by its trust deed. It has been entered into the Scottish Charity Register and is entitled, in accordance with section 13(1) of the Charities and Trustee Investment (Scotland) Act 2005, to refer to itself as a charity registered in Scotland.
The Benevolent Fund Committee meets twice a year and makes all of the significant decisions in relation to the charity; day-to-day administration is delegated to the management accountant of the Law Society of Scotland and the secretary of the Scottish Law Agents Society. New trustees are appointed by the Benevolent Fund Committee from individuals of the respective societies possessing the relevant skills. Induction and training of new and existing members is dealt with as required.
The Tod Trust can fund short holiday respite breaks in Scotland for solicitors and their dependents. Assistance is also provided for carers and companions where reasonably required. In addition, it is possible for the funds to finance locum cover to enable solicitors to benefit from a short “staycation”.
The Fund and the Tod Foundation are jointly administered by the Scottish Law Agents' Society and the Law Society.
For details on how to apply, please contact [email protected]
