Trade association PIMFA, which represents 1,000 investment managers and financial advisers has launched a new ‘Financial Journeys Campaign’, to help highlight the importance and link between financial and mental wellbeing.

The initiative aims to “raise awareness and start the conversations that people often find so hard”, from fighting the stigma around mental health to the prevailing reticence around discussing money.

The campaign encourages a better understanding of finances and access to the help people may need to make important decisions about their financial futures.

The body says financial decisions can be stressful and can affect mental and financial wellbeing, however professional financial advisers and personal investment services “play a vital role in supporting clients and provide suitable advice, to ensure clients are not facing difficult decisions alone”.

Research has shown that money and mental health are often linked.

Poor mental health can make managing money harder and worrying about money can make your mental health worse.

In the UK it has been reported that 94% of employees are suffering from money worries and 59% rank it as their biggest cause of stress and anxiety.

The campaign also highlights “the roads to safeguarding people’s financial and mental wellbeing”, namely the peace of mind that can come from individuals managing their money, planning ahead to meet their needs, being informed or from having a trusted adviser that helps them navigate through their life’s most significant moments.

PIMFA CEO, Liz Field, said: “At whatever point we are at in our journey through life, at various times we are all faced with difficult decisions that often involve money and planning for our financial future.

“This can be stressful and can affect our mental and financial wellbeing.

“However we don’t have to face these decisions alone.

“From better financial education to advice from qualified financial professionals for guidance, we want to ensure that people have a better understanding of their finances, and access to the help they need to make important decisions. 

“Our firms are at the forefront of helping people build and navigate their personal financial futures and safeguarding their financial and mental wellbeing.”