Nearly one in three have money worries

Robyn Hall

May 17, 2013

As a result the comparison site has partnered with the mental health charity Mind to raise awareness of the link between finances and mental health issues.

Some 18% of respondents said their current financial situation causes them the most stress in their lives and a further 13% said it is their future financial situation which worries them the most.

Worryingly a staggering 72% believe their financial worries will increase this year. One in 10 claim that the uncertainty towards their benefits will increase their money worries.

In addition almost half of people (48%) claim they are either frequently or occasionally worried about their financial situation.

Younger people are feeling the financial strain the most with two-thirds (62%) of 18 to 34 year olds stating they are frequently or occasionally worried about money.

Clare Francis, editor-in-chief at MoneySupermarket.com, said: “While we have recently narrowly avoided a triple dip recession the impact of the last five years has hit people’s finances hard and so it is not surprising that it is such a cause of anxiety and stress.

“However, the impact of constantly worrying about your financial situation can have a serious impact on your mental wellbeing and as a result MoneySupermarket has linked up with Mind as its charity partner for the next two years to help raise awareness of the mental health issues related to financial pressures, and also raise funds for the charity.”

The research also revealed that these issues are having a big impact on other areas of people’s lives, with over half (57%) of those who worry about their finances stating this to be the case.

A third (30%) feel that their health is being affected whilst 33% state that their financial anxiety is impacting on their relationship with a partner or their family. A further nine per cent report that their work is affected by money woes.

Francis, continued: “With such a high percentage of those who feel stressed by their finances not being able to envisage any relief in the next year, and with it clearly impacting other areas of their lives, it is vital that people start to take positive action before it all becomes too much to cope with.

“There is a lot of help and advice available and no need to feel that you have to face these problems alone.

“In many cases, there will be some simple steps than can be taken which will relieve the burden and ease financial pressures the person is facing.

“It’s also important to point out that money worries can affect anyone – it’s not just those in debt who are struggling with financial anxiety.”

Paul Farmer, chief executive of Mind added: “Over the last few years many families have had to tighten their belts as they face increased living costs, wage freezes, redundancy or fears about job security.

“These pressures can take their toll and for some it may have triggered mental health problems such as stress, anxiety or depression.

“At Mind, we believe no one should have to face mental health problems alone and that’s why we offer information and support to anyone who might be struggling with money matters.

“We are delighted to be working with MoneySupermarket to raise awareness about the link between personal finance and mental health and urge anyone who may be experiencing difficulties to seek advice as soon as possible.”

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