Almost half of UK adults had their mental and physical health suffer as a result of their finances last year, according to research.
The St James’s Place Financial Health report found the younger generation suffered the most, with 66 per cent of 18 to 34-year-olds feeling their mental and physical health was impacted by their finances.
Half of respondents also said they were more worried about their finances this year than previously with 15 per cent saying it was causing them serious stress and anxiety issues.
Some 21 per cent have considered taking time off work due to the stress with 15 per cent suffering from stress related conditions in the past 12 months and 13 per cent from depression.
As well as the mental impact, 46 per cent said their physical wellbeing also suffered with people citing financial stress as the cause of their hair loss, weight issues and an overall sense of ageing.
Alexandra Loydon, director of engagement and consultancy at St James’s Place, suggested people speak to debt advice charities, financial advisers and mental health professionals if they are struggling.
She added: “The outlook for 2024 remains mixed, and it’s likely that households will continue to feel the financial strain. It’s therefore going to be important for people to take as many steps as they can to help with their financial situation, in order to try to take care of their physical and mental wellbeing too.
“Seeking advice and support and having a financial plan in place will help people to take back some control of their finances, as well as maximise their ability to build financial resilience.”
This comes as research by Close Brothers Asset Management found only half of UK firms had a financial wellbeing strategy in place.
In a report titled ‘Spotlight on UK financial wellbeing’, the firm found money worries among UK employees had increased to 36 per cent.
It also found many employees were uncertain about retirement with 18 per cent deferring while 36 per cent of those aged over 55 changed the day they retire.
These concerns are impacting employees' mental health with 87 per cent admitting money worries were affecting their work.
alina.khan@ft.com
