“The cost of living is rising in the UK”. For some, this statement has rekindled fear surrounding finances that had not been seen since the start of the pandemic. Over the past 90 days, in the UK search terms for ‘I can’t afford my bills’ (+400 per cent) and ‘I am worried about money all the time’ (+300 per cent) have increased a shocking amount. Lowell, the credit management company, dissected why Brits were searching these terms.
|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%|
|The loss of housing||8%|
Lowell’s study revealed that over a quarter (27 per cent) of Brits struggle to save money due to their financial situation. Over one in five (22 per cent) Brits said that their financial difficulties have had a direct impact on their mental health, and that they’ve struggled with stress, anxiety or depression due to money worries. This is extremley concering in todays climate, especially with the cost of living crisis.
The research also revealed that Brits are losing sleep due to finance-related stress (21 per cent) and almost one in five (18 per cent) have struggled to pay their bills.
John Pears, UK CEO of Lowell, comments: “It’s saddening to see how financial difficulties are having a direct impact on the mental health and general well-being of Brits across the country. It’s important for those struggling to know that there are many organisations out there that can offer support and guidance.
“We believe it is important for consumers to feel empowered and in control of their finances. Here at Lowell, we are talking to consumers daily and directing them to credible, trustworthy sources for support where it is needed. A range of independent and impartial support is available for anyone who is struggling with their finances, and a helpful list is available at our website.”