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 finances||Percentage of Brits impacted|
|The ability to save money||27%|
|Mental health (stress/anxiety/depression)||22%|
|Lost sleep due to stress||21%|
|The ability to pay bills||18%|
|Slept more to avoid problems||13%|
|Relationship with partner||11%|
|Relationship with family||10%|
|Relationship with friends||9%|
|The loss of housing||8%|
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/