More than 1 in every 5 Britons suffers from mental health problems as a result of their financial position

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In the UK, search phrases like ‘I can’t afford my bills’ (+400) and ‘I am always worried about money’ (+300 percent) have risen dramatically in the last 90 days. These figures illustrate that money has a significant influence on mental health across the country.

In reaction to these findings, Lowell, a credit management business, performed research into the financial difficulties that Britons are experiencing.

Difficulty faced as a consequence of finances

Percentage of Brits impacted

The ability to save money

27%

Mental health (stress/anxiety/depression)

22%

Lost sleep due to stress

21%

The ability to pay bills

18%

Slept more to avoid problems

13%

Relationship with partner

11%

Relationship with family

10%

Relationship with friends

9%

Weight loss

8%

The loss of housing

8%

According to Lowell’s research, nearly a quarter of Britons (27%) struggle to save money owing to their financial position. Over one-fifth of Britons (22%) indicated that money issues have had a direct influence on their mental health, and that they’ve experienced stress, worry, or despair as a result of their financial difficulties. In today’s atmosphere, especially with the cost of living problem, this is quite concerning.

The study also found that 21% of Britons are missing sleep owing to financial stress, and almost one-fifth (18%) have failed to pay their expenses.

See how HealthBoxHR can help your organisation check-in with your employees on a regular basis as well as provide the means for your employees to indicate their mental health status & if any help is necessary from the HR department – have a look at our Performance & Mental Health Management features!

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