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Nearly eight in 10 say financial situation has negative impact on mental health

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  • 13/05/2024
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Nearly eight in 10 say financial situation has negative impact on mental health
Around 79% of people say their financial situation is having a damaging impact on their mental health, with that figure rising for women, a report has found.

According to research from Bluestone Mortgages for Mental Health Awareness Week, which surveyed around 2,000 adults, approximately 87% of women say their financial situation is having a poor impact on their mental health, compared to 69% of men.

The report stated that this is more pronounced for those with adverse credit, with 96% noting that their financial state is having a detrimental impact on their mental health.

Bluestone Mortgages said that the ongoing cost-of-living crisis and stubborn inflation were impacting financial and mental health.

The lender continued on to say that around 41% of consumers said they were financially worse off compared to 12 months ago.

Families with adults aged between 35 and 44 were the hardest hit, with 47% reporting being in a financially worse position compared to the prior year. This compared to 30% of those aged 18-24.

Ryan Davies, strategy director at Bluestone Mortgages, said: “As the ongoing cost-of-living pressures and sticky inflation continue to take their toll, we expect to see a rise in vulnerable customers.

“This research highlights a clear link between people’s financial situation and their mental health, and so it’s more important than ever that customers are provided with the support they need and deserve to rebuild their financial resilience.

“The best thing customers can do is seek support from a mortgage lender or speak with a broker to understand the tailored options available to suit their circumstances. It’s our responsibility as an industry to help these customers during these challenging times and support them in their homeownership goals.”

Mental Health Awareness Week has been running since 2001 and aims to bring the UK together to focus on improving mental health.

In January, it was reported that over a million mortgage holders with mental health issues had cut spending to meet repayments.

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