ONE in five Yorkshire adults claim that their mental health has been affected by worries over their personal finances, according to a new study
The new UK-wide survey of more than 2,000 adults by insolvency and restructuring trade body R3 and ComRes found that money troubles can lead to a deterioration in your mental health.
Adrian Berry, chair of R3 in Yorkshire and restructuring partner at Deloitte LLP, said “Whatever else is going on in the world, things much closer to home are most likely to affect people’s mental health.
“No matter how old you are, where you live, or what you do, personal finance concerns – even concerns about others’ finances – have a significant impact on your wellbeing.
“Much more needs to be done to ensure that people are informed about what their options are when they encounter financial problems so that they can deal with them without unnecessary stress. Improving financial education and financial capability could have a huge, positive impact on the country’s mental health.”
He added: “The personal finance landscape is relatively benign at the moment: real wages are still growing and interest rates are low. Yet personal finance concerns still loom large. With inflation set to rise throughout 2017, personal finance pressures are likely to increase.”
Over a fifth (21 per cent) of adults in the region said that their personal or household finances are currently having a negative impact on their mental health.
Five per cent of Yorkshire adults also said the finances of family members who do not live in their household are having a damaging impact on their mental health.
Mr Berry said: “The biggest pinch comes for those in the 35-44 age bracket. Many in this age group are still paying off their mortgage, have children to support, and may even be supporting their parents, too. It’s no surprise that it’s this age group that is most worried about their debts, most likely to struggle to payday, most likely to enter an insolvency procedure, and most likely to say their finances have a negative impact on their mental health.”