The anxiety of access: bridging the gap between mental health and financial services

17 August 2026

Nearly half (49%) of UK adults have experienced mental health challenges, yet new research from the Institute and Faculty of Actuaries (IFoA) Mental Health Working Party highlights that interacting with financial services can remain a significant source of stress for many people. 

Based on a YouGov survey of more than 2,000 UK adults, The anxiety of access: bridging the gap between mental health and financial services considers consumer perceptions and lived experiences when interacting with financial services providers while experiencing, or having previously experienced, a mental health condition. 

The research identifies three key themes:

• A trust deficit in underwriting: many consumers fear that disclosing a mental health condition could lead to higher costs or reduced access to insurance cover. 
• Challenges in the claims experience: people value empathy, flexibility and clear communication, particularly when they are at their most vulnerable. 
• An accessibility gap in everyday services: routine interactions are often stressful, with customers showing a strong preference for flexible digital communication channels over phone-based contact.  

The report argues that mental health vulnerability is not a niche issue but one that affects a substantial proportion of the population. It sets out how insurers and other financial service providers can improve trust, accessibility and customer experience through greater transparency, more empathetic claims processes and communication approaches that better meet customers' needs. 

The findings provide valuable insights for insurers, policymakers and customer-facing organisations seeking to better support people living with mental health challenges.

For more information on the IFoA’s mental health policy work, please visit our Virtual Learning Environment (VLE) or contact public.affairs@actuaries.org.uk.