As the rising cost of living crisis continues to impact people’s finances, UK adults say they worry about their current financial situation, according to new research from MetLife UK. Concerningly, financial worries are having an effect both on individuals own and their loved ones’ mental health.
More than a third of consumers (38%) reported that their financial situation makes them stressed or anxious, and a quarter (26%) reported feeling depressed. Additionally, just less than a third (31%) of respondents experienced a loss of sleep due to worry, whilst just over one in five (21%) felt mentally or physically exhausted.
Financial uncertainty has also put a strain on people’s relationships with 15% saying that it has led to arguments, and a further quarter believe money worries have impacted their relationships.
Encouragingly, 70% of consumers feel they have someone to turn to for financial advice when times are tough, with more than one in five (21%) turning to a spouse for support, and 16% appealing to the bank of mum and dad. Yet worryingly, almost a third (30%) of UK adults say there isn’t anyone they would turn to for advice about money matters, contributing to feelings of worry and anxiety.
An individual protection policy, to provide peace of mind and financial support for sickness or injury, is an absolute necessity in the UK right now given the uncertain economic outlook, making it an even more important investment than ever before. Not only do they provide peace of mind and a financial safety net, but they can also offer additional support services to help ease day to day worries and provide an emotional support network that we have seen so many are missing.
Rich Horner, Head of Individual Protection at MetLife, said: “This latest research clearly shows that the ongoing cost-of-living crisis is putting extreme levels of pressure on UK adults’ mental health. After struggling through the COVID-19 pandemic, adults have been dealt another blow to their mental wellbeing, with now almost 40% of the adult population feeling stressed or anxious about their current financial situation. Strikingly, 30% of those surveyed said that they don’t have anywhere, or anyone, to turn to for support, and only 2% admitted to turning to professional help in the form of their doctor or employer.
This is particularly distressing with harder times on the horizon for many as these feelings can build up and potentially spiral. It’s imperative that consumers ensure they are fully aware of the additional support they may have available to them through their protection policy to ensure we bridge the gap.
The MetLife Wellbeing Support Centre provides support 24/7 and can also be accessed by wider members of the family, such as children living at home or University. By using the service, which is complimentary with MetLife Accident and Health policies, I am proud that we can offer support clients for the day-to-day challenges, as often as is needed, to help minimise the instances of these manifesting into longer term worries and beyond. Knowing customers are protected financially as well as emotionally is an investment in themselves and their family that can’t be replicated.”