A new report by MMHPI, which was established by Martin Lewis in 2016, says that people with mental health problems are more reliant on friends and family for help with money management, due to common symptoms such as reduced memory, increased tendency to act impulsively or difficulties weighing up complex information. But they have difficulties getting this support.

The charity says its research shows that Power of Attorney – a legal document that lets you nominate a trusted friend or relative to look after your affairs if you lost the capacity to do so yourself – gives too much power to the third party. It adds it also fails to reflect the fluctuating nature of mental health and is too difficult to use in practice.

Its research found two-fifths of people with mental health problems (43%) have let someone else use their credit or debit card, and one in five (19%) do so on a weekly basis.

In a separate survey by MMHPI of more than 250 people with mental health problems who have received help, less than a quarter (24%) said they have safe ways to give someone else access to their accounts. In a survey of more than 100 carers, 60% said the way they support a loved one with money management puts them both at risk.

MMHPI is now calling for the next Prime Minister to include reforms to the Power of Attorney system in a long-awaited paper about the future of social care.

See our Power of Attorney guide for more information on the current system.