Rising costs affecting mental health of consumers

June 2, 2024 by Alan

Surveys and Statistics

A combination of persistent inflation and the cost of living rises are having a negative effect on the mental health of consumers in the UK, according to a new study conducted by a mortgage lender.

This study from Bluestone Mortgages found that 79% of those who took part felt that the financial problems caused by these issues were making their mental health worse. The number of female respondents who felt that way was particularly high, at 87%. Among men, the figure was 69%, which is still well over half of those taking part.

More than two fifths of participants – 41% to be precise – stated that they were struggling financially in comparison to the same time last year. The percentage was highest among people between 35 and 44 who have a family, at 47%. Among those between 18 and 24 years of age, only 30% reported being less secure financially.

In terms of mental health impacts, the problem is most acute for people with credit issues. A full 96% of those in that situation told the Bluestone Mortgages survey that their state of mind was being affected by their finances.

Ryan Davies from Bluestone said to Mortgage Strategy that:

“This research highlights a clear link between people’s financial situation and their mental health, and so it’s more important than ever that customers are provided with the support they need and deserve to rebuild their financial resilience.”

A professional who has the CeMAP mortgage advisor qualification can help borrowers in that situation by negotiating with their lenders.