#MentalHealthAwarenessWeek: Over one in five Brits suffer from mental health issues due to their financial situation

by | May 11, 2022

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This article is featured as part of our week-long series looking at awareness and practical advice to support the Mental Health of those working across the financial services sector.

Mental Health Awareness Week is taking place between the 9th and 15th May and this year’s theme is loneliness. There are many factors that can contribute to why someone may feel isolated and alone, money being one of them.

Over the past 90 days, in the UK search terms for ‘I can’t afford my bills’ (+400) and ‘I am worried about money all the time’ (+300%) have increased a shocking amount. These statistics show that finances are having a huge impact on mental health across the country.

 

In response to these findings, credit management company Lowell has conducted research into the financial hardships that Brits are having to face.

Difficulty faced as a consequence of financesPercentage of Brits impacted
The ability to save money27%
Mental health (stress/anxiety/depression)22%
Lost sleep due to stress21%
The ability to pay bills18%
Slept more to avoid problems13%
Relationship with partner11%
Relationship with family10%
Relationship with friends9%
Weight loss8%
The loss of housing8%


Lowell’s study revealed that over a quarter (27%) of Brits struggle to save money due to their financial situation. Over one in five (22%) Brits said that their financial difficulties have had a direct impact on their mental health, and that they’ve struggled with stress, anxiety or depression due to money worries. This is extremely concerning in todays climate, especially with the cost of living crisis.

The research also revealed that Brits are losing sleep due to finance-related stress (21%) and almost one in five (18%) have struggled to pay their bills.

 

John Pears, UK CEO of Lowell, comments:

“It’s saddening to see how financial difficulties are having a direct impact on the mental health and general well-being of Brits across the country. It’s important for those struggling to know that there are many organizations out there that can offer support and guidance.

We believe it is important for consumers to feel empowered and in control of their finances. Here at Lowell, we are talking to consumers daily and directing them to credible, trustworthy sources for support where it is needed. A range of independent and impartial support is available for anyone who is struggling with their finances, and a helpful list is available at our website
https://www.lowell.co.uk/help-and-support/independent-support/

For more information on financial hardships visit: https://www.lowell.co.uk/about-us/lowells-blog/wellbeing/how-debt-can-affect-your-everyday-life/

 

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