As we enter Mental Health Awareness Week on 9 May, surveys find the rising cost of living is triggering huge anxiety as millions face bills they are struggling to afford
The ongoing and worsening UK cost-of-living crisis is having a significant impact on mental health in the UK, according to research by asset management firm BMO.
According to the firm’s survey of over 2,000 UK adults, 28% of people say the cost-of-living crisis has had a negative effect on their mental health. Chief among their concerns is the cost of housing — 38% say they are worried about rent and house prices, which are rising at a rapid rate.
A further 35% are worried about rising interest rates, while 28% are concerned about energy prices. People aged between 26 and 41 were the most likely to feel anxious over finances, with 49% of the age group saying they are worried about everyday living costs.
Ross Duncton at BMO, said: “It’s clear from our research that the recent increases in everyday costs are having a clear impact on people’s mental health.”
An additional survey from YouGov and the Centre for Economics & Business Research revealed a similar lack of confidence. April 2022 research found that, on average, UK households expect to become financially worse off in the next 12 months.
Alice Haine, a personal finance analyst at Bestinvest, said: “When people struggle financially, anxiety levels can soar, with each missed bill payment only adding to the strain. In turn, when someone’s mental health is poor, finding a solution to money troubles can feel overwhelming.”