Financial services told to improve online support for people with money and mental health worries

Financial services firms need to enhance the accessibility and supportiveness of their online content for individuals with financial and mental health concerns, according to a new report from the LSB (Lending Standards Board).

The report, based on research commissioned by the LSB from the Money & Mental Health Policy Institute, assesses financial services firms’ websites against a series of criteria measuring: whether content exists to support people with money and mental health worries; whether the content is accessible; whether the content is truly supportive; whether the content is easy to discover; and whether the content supports next steps.

Although the financial services sector scored highly for relevant content being provided for those in need of support, the lowest scores were awarded for how easy it would be for users to understand the content and whether the content was framed in the right way for the people that would need it.

Anna Roughley, Deputy Chief Executive of the LSB, said “It’s encouraging that the financial services sector has recognised it needs to support people with mental health and money worries, but this research shows there’s still a long way to go before the available content is consistently doing the job that it’s needed for.

“Websites are such a crucial tool for supporting customers with mental health and money worries: customers can find information at their own speed, and they don’t have the pressure of having to discuss their issues with another person. Getting online content right is a vital step on the way to a customer achieving the right outcome.

“This content needs to help people during some of the most difficult moments in their lives, at times when they might be feeling overwhelmed or having trouble processing information. Simply having content aimed at customers in these situations isn’t enough: the content really needs to be rigorously tested and assessed to check it actually helps the customers that need it.

“Engaging with customers with lived experience of money and mental health worries can be key to getting things right. These customers know first-hand what works and what doesn’t.”

The LSB report identified six ways in which the financial services sector can improve its online support for people with money and mental health worries:

1. More appropriate tone and framing – Content often lacked positive framing, risking coming across as paternalistic or, unintentionally, may have made customers think twice about seeking help by reinforcing feelings of blame.

2. Simpler language – Content could be jargon-heavy and needed to be simplified.

3. Better website ‘housekeeping’ – Websites weren’t always looked after properly and some links to supportive documents were found to be broken. Firms need to make sure their websites are functioning as planned.

4. Fewer text-heavy resources – A lot of information was presented in text-heavy chunks, which can be difficult for someone experiencing mental health difficulties to engage with. Multimedia alternatives need to be explored.

5. Clearer pathways for future support– Pathways to further support often needed to be improved, and there is an over-reliance on customers having to seek more information by phone, which can be off-putting for people with mental health worries.

6. More effective use of management information – Firms should make it easier for customers to self-disclose vulnerable circumstances online. This information can then be used to tailor support for that customer and help a firm understand more about its customer base and where resources need to be targeted.

On average, assessed firms scored 79% when reviewed against a series of criteria on the availability of content for people with money and mental health worries. Firms scored an average 75% on criteria related to how easy it is to navigate websites and find content, and 70% on whether the content supported next steps. Firms scored an average 67% on criteria related to the supportiveness of content, and just 66% against criteria for whether the content could be considered truly accessible.

Roughley concluded “The LSB is due to close on 31 October, and this is our final report in a series that has looked at inclusion issues across the financial services sector. Alongside the value of lived experience, a key lesson from these reports is the importance of independent oversight and a continual evaluation of whether the right outcomes are being delivered for customers: what worked yesterday, might not work tomorrow. So, while some firms scored highly across all criteria, it’s important they maintain that commitment to customer outcomes and keep evolving the support they offer so that it remains best in class.”