Worryingly, more than 18 million Brits stress over money on a daily basis, with more than half experiencing mental health issues as a result, a new study has found.
According to the research by mobile bank N26, which was released to coincide with World Mental Health Day on October 10, around 9.5 million UK adults have suffered from mental health issues as a result of financial anxiety. Furthermore, a third (32%) say their money worries have impacted their ability to sleep.
The research also reveals that younger individuals (those aged between 25 and 34) are disproportionately affected by money worries, with two-fifths (40%) saying financial anxiety regularly disrupts their sleep. This reality is understandable when you consider that people in this age group are often in the throes of major financial decisions, such as purchasing their first house, planning a wedding or starting a family.
Nevertheless, some financial concerns are universal, regardless of age, with more than half of those surveyed saying they worry about paying household bills and funding their day-to-day living.
Digging deeper into money worries across age groups
As expected, financial worries differ across age groups. For younger individuals, concerns like mounting student debts (33%) and saving for a house (48%) top the list. In fact, younger people are so preoccupied with their finances that more than one in 10 (11%) say they check their bank balances several times a day, while others never check for fear of what they’ll see.
Others only check their accounts every few weeks and for 18% of these individuals, they only do this because they are scared to discover what they have spent.
Meanwhile, a quarter (24%) of those aged between 45 and 54 say they worry ‘constantly’ about their finances. Of this group, 30% say their concerns have negatively impacted their mental health.
Speaking about the findings of the research, Will Sorby, UK general manager at N26, said: “Day’s like today are really important to help raise awareness of mental health issues, and with one in four Brits affected each year, this has never been more vital. Our research sadly suggests that money worries and juggling daily finances are a key source of anxiety and are only adding to the problem.”
How employers can help their staff
Research published by the Centre for Mental Health in 2018 found that mental health issues cost the UK economy almost £35 billion every year. Findings such as this highlight the important role employers can play when it comes to supporting their staff.
In the first instance, employers can help support their employees financially by having successful pension scheme auto-enrolment and by providing benefits such as season ticket loans and childcare vouchers.
Also, because employers are usually already having conversations with their employees about finances, they are in a great position to provide additional support. For example, if an employer knows that one of their employees is struggling financially, they can direct them to free debt and pension advice services.
Tom is the Sales Director for Premier Choice Group. In his role, Tom oversee’s growth across all areas of the business while maintaining a small number of his own clients. At Premier Choice, Tom and the team deliver a unique, personal service to every client, while growing the business and maintaining a strong reputation as the UK’s best intermediary.