86% of those with mental health issues state that the main cause of this is their financial situation
5 million British consumers have taken out a loan to cover home repairs and improvements in the last year alone
As anxiety is at an all-time high, Executive Chairman and Founder of FairMoney, Dr Roger Gewolb discusses the biggest worry plaguing the nation
Time to Talk day is here, encouraging the nation to discuss their mental health and generating awareness around the root cause. Despite one in four Brits suffering from mental health problems, societal taboos exist around both admittance and seeking support.
According to Mind, money problems are one of the biggest root causes to generate anxiety and depression in the UK today. In the last three years, consumer anxiety has reached an all-time high and according to the Psychiatric Morbidity Survey, there are 6 million in the UK suffering from depression and anxiety today. Financial worries are at the core of this as new research from Close Brothers has revealed that 94% of UK consumers admit they suffer with money worries.
With the latest FairMoney research revealing that the majority of us will still be paying off our Christmas debts until summer 2019, over half of adults in the UK are managing problems with debt and subsequent mental health issues. Those in financial difficulty are twice as likely to develop major depression according to the Money and Mental Health Policy Institute. On top of this, FairMoney research has shown that 5 million consumers have taken out a loan to cover emergency and unexpected home repairs and improvements adding to the existing financial stresses after the festive period. From Christmas through to the five week stretch until the January payday, February now presents the most common time whereby home repairs take place during the cold snap.
Executive Chairman and Founder of FairMoney Dr Roger Gewolb:
“As the economy slows, there are over three million adults living in the UK with financial difficulties and mental health issues. Unfortunately, this is continuing to grow. Lending practices contribute to wellbeing and mental health issues, and lenders need to be accountable for this. With such pressure, it’s not surprising that consumers turn to payday lenders and credit cards to battle the financial burden. Fairer finance needs to available for all to help with these social ills . Payday loan providers have their place in society for cash-strapped Brits but this must be done in an ethical manner. Most people have been abandoned by poor lending practices that stem from the financial crash of 2008. We’re more than a decade on – things need to have changed. The sector must be eradicated to eliminate such ills.’