Money and Mental Health Policy Institute launches suicide prevention project with major banks

The Money and Mental Health Policy Institute has launched a new suicide prevention ‘action lab’ to help financial institutions better support customers at risk of suicide. The initiative aims to transform how banks and building societies identify and assist individuals facing mental health crises linked to financial distress.

Major participating institutions include Barclays, HSBC, Lloyds, Monzo, and Nationwide Building Society. The project will utilize research from the Institute and insights from a steering group that includes the Financial Conduct Authority (FCA) to explore new ways to spot warning signs, such as significant debt problems or sudden drops in income.

Martin Lewis, founder and chair of the Institute, noted that the link between mental health and debt is cyclical, stating that long-term money worries and aggressive debt collection can lead to feelings of hopelessness. The outcomes of the pilot programs are expected to be published in summer 2028.