Protecting People: Martin Lewis Discusses His Battle Against the Mental Health Impact of Financial Stress
“I’m not a case study,” Martin Lewis, a well-known money expert and broadcaster, firmly states when asked about his own mental health. He explains that while he wants to share the truth that he too has struggled with mental health, he prefers to keep those experiences private. Lewis has built his career on clearly communicating financial advice, but when it comes to personal issues like mental health, he believes actions speak louder than words.
At 52, Martin Lewis became very wealthy in 2012 after selling his popular website, MoneySavingExpert.com, for around £87 million. Nine years ago, he established a charity called the Money and Mental Health Policy Institute. This step stemmed from his understanding of the harmful relationship between financial difficulties and mental health challenges. Notably, Lewis experienced a significant personal loss when he lost his mother in a tragic car accident just two days before his 12th birthday, which affected him deeply during his teenage years.
After selling his website, Lewis committed £9 million to a fund for charitable purposes. He emphasizes the importance of protecting vulnerable individuals, especially those who struggle with mental health issues. His charity has already contributed £12.5 million to various causes, including £4.7 million to the Money and Mental Health Policy Institute. The fund still has £8 million available for future donations.
The charity has achieved noteworthy changes in policies, one of which includes stopping banks from sending distressing letters to people struggling with debt. Additionally, it has introduced training for health professionals to recognize the connections between money problems and mental health. Recently, the charity received significant recognition when it was granted a “super complainant” status under the Enterprise Act, an endorsement that empowers it to officially raise complaints on behalf of consumers, addressing widespread issues effectively.
Lewis is someone who likes to take action. He was seen walking around a shopping center while keeping track of his goal of walking 25,000 steps a day. “Last year I didn’t reach my target and averaged 24,700 steps, so I need to improve,” he shares with a hint of humor. He sees the insurance industry as a major area where change is necessary. The charity works with a group of 3,000 individuals who share their experiences with mental health challenges. Lewis points out the extreme difference in insurance premiums for people with mental health issues compared to those without. For instance, someone with severe depression might pay three times more, and in some cases, individuals with severe bipolar disorder have been charged up to 27 times more than those without conditions.
This is an important time for Lewis’s charity as it gains a stronger position among consumer advocacy groups. With the current government focusing on economic growth, there are concerns that protecting consumers could take a backseat as regulations might be reduced. Lewis expresses his worries about this trend, acknowledging that while growth is vital, it must be balanced with necessary consumer protections. He highlights the risks of prioritizing short-term profits over the wellbeing of customers, noting that aggressive debt collection tactics can worsen financial situations rather than help.
Lewis is also critical of recent government decisions, such as the removal of universal winter fuel payments for pensioners who do not receive means-tested benefits, calling it a “poor decision” that could damage credibility. He advocates for a thoughtful approach to growth that considers consumers’ needs as well as businesses. “If we let unchecked instincts take over, it could cause harm,” he warns, but he recognizes the importance of pushing for growth, placing trust in his ability to help maintain balance. Many will find reassurance in knowing that Martin Lewis is vigilantly watching over these crucial matters.
