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Majority say financial situation has negative impact on mental health

Majority say financial situation has negative impact on mental health
Anna Sagar
Written By:
Anna Sagar
Posted:
13/05/2024
Updated:
13/05/2024

An estimated eight in 10 people say their financial situation is having a damaging impact on their mental health, with that figure rising for women, a report reveals.

Nearly nine in 10 (87%) women say their financial situation is having a poor impact on their mental health, compared to 69% of men.

According to research from Bluestone Mortgages for Mental Health Awareness Week, which surveyed around 2,000 adults, this is more pronounced for those with adverse credit. Here, 96% noted that their financial state is having a detrimental impact on their mental health.

Bluestone Mortgages said that the ongoing cost-of-living crisis and stubborn inflation were impacting financial and mental health.

The lender added that around 41% of consumers said they were financially worse off compared to 12 months ago.

Families with adults aged between 35 and 44 were the hardest hit, with 47% reporting being in a financially worse position compared to the prior year. This compared to 30% of those aged 18-24.

Ryan Davies, strategy director at Bluestone Mortgages, said: “As the ongoing cost-of-living pressures and sticky inflation continue to take their toll, we expect to see a rise in vulnerable customers.

“This research highlights a clear link between people’s financial situation and their mental health, and so it’s more important than ever that customers are provided with the support they need and deserve to rebuild their financial resilience.

“The best thing customers can do is seek support from a mortgage lender or speak with a broker to understand the tailored options available to suit their circumstances. It’s our responsibility as an industry to help these customers during these challenging times and support them in their homeownership goals.”

Mental Health Awareness Week has been running since 2001 and aims to bring the UK together to focus on improving mental health.

In January, it was reported that over a million mortgage holders with mental health issues had cut spending to meet repayments.