Consumer mental health adversely hit by financial situations

uk consumer

79% say their financial situation is having a negative impact on their mental health, with women feeling this more acutely (87%) compared to men (69%)

The ongoing cost of living crisis and sticky inflation are impacting consumers’ financial and mental health, finds Bluestone Mortgages research.

More than two fifths (41%) of consumers say they are financially worse off compared to 12 months back, with families aged between 35 to 44 being the hardest hit (47%), compared to just 30% for those aged 18 to 24.

Meanwhile, 79% say their financial situation is having a negative impact on their mental health, with women feeling this more acutely (87%) compared to men (69%).

For those with adverse credit, the impact is even more evident, with almost all respondents (96%) saying the state of their finances is having a negative impact on their mental health.

Bluestone Mortgages strategy director Ryan Davies says: As the ongoing cost of living pressures and sticky inflation continue to take their toll, we expect to see an increase in vulnerable customers.

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

This research has been released in time with Mental Health Awareness Week, which runs between 13 and 19 May this year. The campaign marks the biggest opportunity for the UK to come together to focus on getting good mental health.

Others in the mortgage industry will also be raising awareness this week.

OSB Group will be bolstering the support offered to colleagues with the addition of domestic abuse awareness training.

Last year, 2.4 million people in the UK experienced domestic abuse.

Earlier on this year, OSB Group also gifted Mental Health First Aid training to Demelza, a Kent-based children’s hospice.

The training included a learning framework to help the charity colleagues to listen without judgement, and signpost available support via both professional and charitable organisations.

The course also covered the importance of a family and friends support network to a person’s mental health journey.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Getting Money Wise. The information provided on Getting Money Wise is intended for informational purposes only. Getting Money Wise is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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