Stress, anxiety and hopelessness about personal finances are widespread in the UK – new mental health study

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Stress, anxiety and hopelessness about personal finances are widespread in the UK – new mental health study
Stress, anxiety and hopelessness about personal finances are widespread in the UK – new mental health study

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When thinking about the next few months, UK adults are most worried about not being able to maintain their standard of living (71%), heat their home (66%) or pay common monthly household bills (61%) . Significantly, half (50%) of UK adults were at least a little worried about being able to afford food in the next few months, rising to 67% of younger adults aged 18 to 34.

The Foundation is calling on the UK Government to ensure that people in the UK are protected from the negative impact of both the cost of living crisis and potential cuts to public services.

This includes protecting financial benefits so they rise with inflation and increasing the capacity of debt services, food banks, community organizations and social security departments. It also involves training staff to deal with the trauma that many claimants have experienced.

Evidence has repeatedly shown that financial strain and poverty are key causes of mental health problems. The foundation warns that the number of people with poor mental health is likely to rise rapidly as more people struggle to make ends meet.

Mark Rowland, chief executive of the Mental Health Foundation, said:

Our findings are a warning sign of the mental health consequences of the cost of living crisis. We need to protect public services and benefits at this crucial time. If people struggle to meet their basic needs of a warm home and enough healthy food for their families, we can expect a significant increase in mental health problems as the burden of financial strain continues to take its toll.

The challenge facing the country cannot be solved easily. However, there are steps we can take to protect people’s mental health right now. We need to support those at higher risk by, for example, increasing benefits in line with inflation and employers committing to paying their employees the real wage. Training front-line social security and debt service staff to recognize and respond sensitively to the trauma experienced by many of the people they work with can also help.

Preventing mental health problems is vital. Our mental health services are already stretched beyond capacity; we can’t sit on the sidelines and watch them collapse under ever-increasing demand.

The UK Government must consider the mental health impact of any decisions that affect the cost of living crisis. Other measures we want include maintaining and expanding free or subsidized public transport to allow people to connect with friends and family and increasing the provision of debt advice and other vital public services.

Earlier this year, the Foundation published research with the London School of Economics and Political Science, which estimated the cost of mental health problems to the UK economy at £117 billion a year.

While the Mental Health Foundation is calling on political leaders to take action, it has also published guidance for people experiencing financial difficulties. This includes signposting to support services.

FINISHES

For further information and interview requests, please contact

[email protected][email protected]. We have expert interview staff available.

Notes to the editors

The survey of 3,000 UK adults aged 18 and over was conducted by Opinium between 7 and 14 November 2022. The figures are weighted to be representative of all UK adults.

For the Mental Health Foundation

  • The Mental Health Foundation has been the home of Mental Health Awareness Week since 2001.
  • Our vision is for good mental health for all.
  • The Mental Health Foundation works to prevent mental health problems.
  • We drive change towards a mentally healthy society for all and support communities, families and individuals to lead mentally healthy lives with a particular focus on those most at risk of poor mental health.
  • The Mental Health Foundation is committed to fostering an anti-racist, inclusive community where we can all be ourselves.
  • The Mental Health Foundation relies on voluntary donations to provide evidence-based advice and carry out vital work to prevent ill mental health.

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