Research undertaken by the Vulnerability Registration Service found that in the last 12 months, 30 per cent of vulnerable people have been negatively impacted by the cost of living crisis while 29 per cent have seen a drop in income.
Some 27 per cent have admitted to being in financial distress and are struggling to keep on top of payments. A further 26 per cent have suffered worsened mental distress after being chased for missed payments or debt.
A further 12 per cent said they had sought help for support or debt advice.
The research was commissioned by the Vulnerability Registration Service and conducted by Censuswide between 21-26 July 2022. A total of 2,048 people participated.
‘Identify who is vulnerable’
Helen Lord, CEO of the Vulnerability Registration Service, said: “Far too many people in the UK were already struggling with their mental health, which can make it much harder for them to manage their day-to-day finances. The current cost of living is now pushing many vulnerable people to breaking point.
“And many more people who were previously managing to keep their heads above water each month are now financially struggling to make ends meet, causing them real stress. Recovery from a mental illness is difficult when you are in debt and many don’t know what support might be available to them.
“Organisations must understand who in their customer base is struggling, so that they are not causing them more distress. A powerful and simple first step is to use the resources available to identify who is vulnerable right now.”
