For immediate release
Almost a third of Brits say their mental health has been negatively affected by money worries
- 31% of UK adults say that money worries have impacted their mental health over the last year
- 2 in 5 of those in gen X said that their mental health has suffered as a result of financial stress over the last year, more than any other generation
- Over a quarter of Brits said their social life and personal relationships have been negatively affected by financial stress in the last year
- 7 in 10 Brits have experienced financial stress over the past year
10, October, 2023, LONDON –
Almost a third (31%) of Brits have admitted that financial stress over the last year has had a negative impact on their mental health, according to new research from personal finance comparison site finder.com.
The study found that financial stress is having the greatest impact on those in gen X (aged 43-54) and millennials (aged 24-42), with 2 in 5 people in these age groups admitting that recent money concerns have harmed their mental health. This was followed by 3 in 10 of those in gen Z (aged 18-23), 23% of baby boomers (aged 55-73) and just 3% of the silent generation (aged 74+).
The research also found that women are struggling more than men. 37% of women said that financial stress has had a negative impact on their mental health over the last year, compared to 26% of male respondents.
Over a quarter of Brits say financial stress is damaging their personal relationships or social lives
Not only is financial stress taking a huge toll on the mental health of Brits, over a quarter (27%) also said that money worries have had a negative impact on their social life or personal relationships.
Millennials are the worst affected, with 39% of this age group saying that money concerns have had a negative impact on their social lives or personal relationships over the last year. Gen X are close behind, with 36% of this age group saying their social lives or personal relationships have been negatively impacted by financial stress. This was followed by gen Z (31%), baby boomers (16%) and the silent generation (6%).
3 in 10 Brits said that money worries over the last year have impacted their ability to sleep, and 21% said that their energy levels have also been negatively affected.
The study also found that 17% of adults in the UK believe their physical health has suffered as a result of financial stress and 15% said there has been a negative impact on their diet.
Commenting on the findings, 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 recent 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.
“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.”
Finder commissioned Censuswide on 29/09/2023 to carry out a nationally representative survey of adults aged 18+. A total of 2,000 people were questioned throughout Great Britain, with representative quotas for gender, age and region.
The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com's review pages for the current correct values.
finder.com is a personal finance website, which helps consumers compare products online so they can make better informed decisions. Consumers can visit the website to compare utilities, mortgages, credit cards, insurance products, shopping voucher codes, and so much more before choosing the option that best suits their needs.
Best of all, finder.com is completely free to use. We’re not a bank or insurer, nor are we owned by one, and we are not a product issuer or a credit provider. We’re not affiliated with any one institution or outlet, so it’s genuine advice from a team of experts who care about helping you find better.
finder.com launched in the UK in February 2017 and is privately owned and self-funded by two Australian entrepreneurs – Fred Schebesta and Frank Restuccia – who successfully grew finder.com.au to be Australia's most visited personal finance website (Source: Experian Hitwise).