Financial anxiety is on the increase. Half of Britons fear for their mental health as figures show financial anxiety is reaching alarming levels as individuals struggle to keep debt from spiralling.
Following Mental Health Awareness Week in May, research has shown financial anxiety is on the rise as personal debt levels continue to increase throughout the UK across all age groups.
“Life is full of emotional and financial stresses, but out of all other concerns, it is financial anxiety that has the most negative impact on peoples’ sense of wellbeing”.
The stress caused by money worries can affect anyone, but according to a recent article in the Independent, research also suggests that younger people are particularly at risk. For those aged 18-34, nearly three-quarters have at some point experienced mental health or wellbeing issues linked to money. Interestingly women are also much more likely to struggle than men.
Whether we’re family, friends, employers or work colleagues, it is important that we are all able to recognise the signs of mental health linked to financial worries in those around us:-
- Change in mood/temper.
- Increased tiredness or lack of sleep
- Being anxious, stressed or lacking confidence to directly contact the bank or financial service providers
- Spending more money than is available
- Not opening bills or post
- Feeling like tghere is a lack of control over money
- Avoiding talking about money
- Being anxious about spending any money even though it’s available
- Avoiding answering the telephone
- Not checking bank balances
- Forgetting to pay bills
- Changes in spending behaviour
- Aviding making important financial decisons.
- Unable to take in and process information about money