discussions & Learning objectives:
Connections between money and mental health
Sharing of personal experiences if desired
The role of data and digital technologies in financial behaviours
Examples of how financial services, health care professionals and research
Scientists can collaborate to drive impact
Challenges and barriers to such collaboration
What are the social, research and commercial benefits?
Leaders: Peggy Loo, Legal & General Group, UK; Andrea Stevenson, Neuron Advisers, UK; Bilal Mateen, Turing Institute, UK; Neil Tyson, Rightway Compliance, UK.
Summary: Many people live on the edge of financial ruin, with short-term liquidity issues, and struggle to keep track of bills. Particularly with mental health, we see a toxic cycle in which worrying about money can worsen mental health and mental health problems can make managing money difficult. As an increasing number of financial behaviours are being conducted online, we believe it is important for all stakeholders to better understand the role of technology in these processes and explore how it can be used in ways that maximise individual empowerment and minimise potential harms.
We would like to see individuals, carers, financial technology providers, health-care professionals, and research scientists to work together to better represent the complementary nature of health care and finance in real world and research settings. We argue that a better understanding of individuals' financial data could help health-care professionals improve care, and that linkage to information about mental and physical health could create more holistic financial support systems.
The workshop opens with a short presentation from a specialist on the links between vulnerability and financial crime risks. This workshop aims to create a space for individuals who wish to share their suggestions, concerns, ideas or lived experiences and for multiple stakeholders to discuss the above issues and brainstorm their operationalisation, including what the development of a future Financial Health Technology Consortium could look like.