Should banks control our spending?
Should banks control our spending
By Charles Kelly, Property Investor, former IFA, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.
Analysis has shown that people with bipolar disorder, depression or obsessive compulsive disorder (OCD) are more prone to overspending and potential problems with money management and debt, the BBC reports.
Now the Money and Mental Health Policy Institute is calling on banks and building societies to monitor customers’ data to spot signs of problems, such as sudden drops in income, dramatic increases in spending, or persistent use of unauthorised overdrafts.
Banks argue that many customers would have more than one account, making it difficult to gather a comprehensive picture of a customer’s finances.
There are also data protection rules in place that would make any intervention difficult. The institute wants regulators to publish guidance on how customer data can be used legally and safely.
Helen Undy, chief executive of the institute said:
“About 100,000 people in problem debt attempt suicide each year in England, with many suffering in silence and struggling to ask for help.
Having worked in financial services, including banks, insurance companies and my own IFA practice, for over 25 years, I have seen first-hand how people manage their money. This is why I wrote Yes, Money Can Buy You Happiness to help people feel better and manage their money more effectively.
If you’d like more information on how to acquire wealth building assets using none of your money, email me at Charles@CharlesKelly.net or send me a message through Facebook or my Money Tips Daily community.
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