A third of UK adults suffered negatively with their mental health due to money worries this past year, a survey reveals.
Millennials (aged 24-42 years old) and the Gen X cohort (43-54) were most affected, as two fifths of these age groups felt a negative impact on their mental wellbeing due to concerns about their finances.
Women (37%) were also more likely to feel financial stress than men (26%) and a total of 70% of the 2,000 respondents surveyed by Finder.com experienced financial stress over the past year.
Not only have concerns over money affected many people’s mental wellbeing, but 17% of adults also believed their physical health has deteriorated because of financial stress, with 15% stating their diet suffered too.
Meanwhile, a separate study from Pay.UK found 70% of Gen Zs (aged between 18-24) are more worried about their current financial stability than they were in 2022.
The results come on World Mental Health Day (Tuesday 10 October), an event which aims to raise awareness on the topic of mental health, as well as removing the stigma for people who need to address their emotional wellbeing.
Louise Bastock, editor at personal finance comparison site Finder.com, said: “The cost-of-living crisis has really taken its toll on Brits. As our survey shows, money and mental health have never been more interconnected. But just as we have coping strategies for our physical and mental wellness, there are practical ways we can support our financial wellness, too.”
Three tips to help your finances
Bastock said if you meet the eligibility criteria, bank switching deals can be a great way to earn some extra cash with minimal effort. These deals can be very lucrative, with some banks offering up to £200 when you switch your current account over to them.
Budgeting apps like Plum can help cut down some stress around saving and budget. Plum, for example, uses Open Banking to figure out how much you can afford to save each month and then automates your savings for you. It can also alert you if you’re overpaying on any of your household bills by offering insights into providers with potentially better deals.
Finally, don’t miss out on better savings rates just because you’re scared to switch. Do your research to find the best rate available for the savings product you’re interested in, and switch if your current provider isn’t matching up. Now more than ever it’s so important that any savings you do have are working as hard as possible, she added.
