Cash woes hurting people’s health

One in six people (15%) in Scotland has suffered psychological problems as a result of money concerns, new research has found.

Financial worries also impact on the sleep of almost half (49%) of Scots, with one in 10 (10%) suffering disruption every night, according to a study released by Scottish Widows.

Nearly half of people in Scotland (44%) say financial worries regularly impact on their personal relationships.

The study also found 27% get stressed just thinking about their financial situation in retirement, yet according to latest figures only 56% of the UK population is saving enough.

Scottish Widows published the findings as part of Mental Health Awareness Week.

David Holton, retirement expert at Scottish Widows, said: “The link between everyday money worries and mental health is well known.

“What is less well known is the extent to which longer term retirement savings and engagement with their associated issues, contribute to the nation’s mental health.

“What’s clear is that when people are forced to consider the reality of retirement they do recognise the need to be more prepared and are willing to put more money aside.

“This study shows that more needs to be done to help the UK face up to the reality of retirement and to save more money as early as they possibly can.”