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#MentalHealthAwarenessWeek: how does money impact mental wellbeing? – Tilney

During the past year, people’s stress and anxiety levels have increased amid spiralling living costs against a backdrop of economic uncertainty and mass unemployment. The Money Advice Trust reported a third of UK adults are financially worse off due to the pandemic, with the impact of this causing 17% of adults to suffer from sleep deprivation[1].

What’s more, Tilney’s research found two fifths of people in the UK (39%) do not believe they can confide in their partner, spouse or family friend if they feel anxious about money. If we’re struggling alone with financial worries, then this is only going to make us feel even more stressed, depressed or anxious.

  • Just 10% considered their long-term finances as part of this planning
  • Only 11% thought about their will and estate planning
  • And a mere 9% considered what they wanted their financial legacy to be

Even now that social restrictions are starting to relax, many will still be faced with financial challenges, preventing them from being able to enjoy new social freedoms and make a solid financial plan for their family’s future.

Zoe Bailey, Chartered Financial Planner and Director at Tilney commented: “Initiatives like Mind’s Mental Health Awareness Week serve as an important reminder of the mental health issues that can be triggered when we feel overwhelmed. Covid-19 shone a light on the connection between our money and our mental health and while more organisations have increased their focus on financial wellbeing, there is more work to be done to address the financial stress a lot of people have experienced recently and the impact this has had on people’s mental health.”

 

*Tilney commissioned an online poll of a representative sample of 2,000 UK adults in November 2020.

[1] https://moneyadvicetrust.org/media/documents/The_cost_of_covid.pdf

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