Stress and insomnia as more than half fret over money troubles

Nearly two-thirds of people say that stress over money has affected someone they know, a survey has found.

The government-backed Money Advice Service (MAS) found 63% of UK adults have seen stress over money affect the mental health or wellbeing of someone such as a family member, friend or partner.

More than half (55%) of people surveyed had experienced concerns over their own mental health or wellbeing because of money worries at some point in their lives – with more than one in five (22%) saying that they are currently experiencing mental ill-health or poor mental wellbeing because of money.

Younger people are particularly at risk – the findings suggest – with nearly three-quarters (72%) of 18 to 34-year-olds having at some point experienced mental health or wellbeing issues linked to money.

Women are more likely than men to report the same, at 61% of women versus 49% of men, the survey of more than 2,000 people found.

The research was released in support of Mental Health Awareness Week (May 14 to 20). The MAS has developed a checklist, identifying the signs to look out for if you’re concerned that money worries are affecting your own or someone else’s mental health or well-being.

According to the research, the most common signs include noticeable changes in mood or temperament and increased tiredness due to lying awake at night.

Sarah Porretta, financial capability director at the MAS, said: “Sometimes money worries can be a symptom of poor mental wellbeing; sometimes poor mental wellbeing can be the result of money worries.”

She continued: “Whether it’s finding everyday tasks hard, like keeping on top of bills and bank statements, or finding yourself missing payments, help is available.

“There is a wide range of guidance available on our website, including our debt advice locator tool, or you can reach out to our mental health partners including Mind, the Samaritans, the Mental Health Foundation or Mental Health UK.”