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Three-quarters of UK residents are stressed about money

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17/05/2018
As part of Mental Health Awareness Week, a report has found that around three-quarters of UK residents are stressed about money, with around a fifth describing themselves as ‘very stressed’.

Metro.co.uk’s Mentally Yours and Toluna found that people are most worried about their overall level of income; with bills/rent and debt following closely behind.

This echoed the recent Office for National Statistics (ONS) Well-being research, which showed one in five people aged between 16 and 34 exhibiting signs of depression, anxiety or other signs of mental ill health, with the high cost of living a contributing factor.

The research showed that 4.46% of people – almost one in 20 – responded four or below when asked how satisfied they are with their life on a scale of zero to 10. These were concentrated on the least wealthy.

In contrast UK pensioners are happier, with a greater sense of self-worth and they are less worried than any other group. These are also the wealthiest group.

Maike Currie, investment director for Fidelity International, said: “There are still far too many people whose state of mind and sense of security is impacted by money worries, whether stressed managing day-to-day expenses, saving for a housing deposit or fears about future financial security.”

“With a focus on mental health awareness week, it’s worth noting that money worries can have a detrimental impact on one’s family life and work life. Achieving a sense of financial well-being is about a lot more than just how much you earn and it’s important people start taking an holistic look at their finances.

“Too often, we fall into the trap of looking through the single lens of income to determine how well off we feel or think we are, forgetting that budgeting, tackling debt, spending wisely and getting into a savings habit can have a huge impact on levels of happiness, stress and anxiety.”

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