Mortgages and mental health: What can be done to help Brits?
How might mortgage responsibilities be contributing to the mental health crisis in the UK?
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00:00I think it's difficult for the government to provide direct direct help. I think there are long-term solutions which include growing the economy, controlling inflation, lowering taxes, but I think it is good that the new government's brought financial literacy back on the agenda.
00:15But back to the short term, I think it's probably the banks, again, who, you know, finding it difficult to provide and accept the, you know, the complexities of human behavior.
00:27Accepting human complexities, managing money with human intelligence. I think if you are able to marry the real world with the financial world, you know, so the holding hands, moving in time together, that will certainly help.
00:39So really, if we can self-curate our own banking world and we can increase or reduce friction, whether it's friction to stop a spending or reducing friction to help us save and encouraging people to, you know, improve their finances.
00:52I think that helps when needed.
00:55Zahra Hassan, co-founder of an AI-driven servicing solution for the mortgage market, said, quote,
01:01The key factor that pushes someone from financial strain is their lack of awareness about the array of options that their bank could have offered to temporarily ease their financial burden, particularly on their largest financial obligation, their mortgage.
01:16And I think it is detrimental to the mental health of the nation. People don't always share these things. I think as an industry, we need to address it as a priority.
01:24And I think the banks can help again if you share the problems with your loved ones, with your family, because it can be quite stressful.
01:30And sometimes people don't want to share it. And really taking small steps.
01:35You know, there are some big challenges ahead in terms of the mental health aspects of struggling to meet these financial commitments.
01:45I think there is light at the end of the tunnel. Inflation is coming down. It's currently at the target rate of 2%.
01:50So there are some reliefs to the pressures there, certainly in terms of, you know, hopefully there'll be growth in the economy and that will help.