We are all aware of the link between financial well-being and mental health in the UK, but it has become more evident in recent years.
The pandemic and then the cost of living crisis has exacerbated the inequality between rich and poor, which in turn has increased the statistics surrounding mental health. Financial stress, instability, and insecurity can take a significant toll on an individual’s mental health, leading to a vicious cycle that is difficult to break. Over 1.5 million people in the UK are experiencing problem debt and mental health problems but we believe that this figure could be higher because we all know that lots of people experiencing these difficulties do not speak out.
Statistics also show that as many as 24 million UK adults do not feel confident with managing their money and only a third of people in financial debt receive help.
Financial well-being is a position where a person is financially secure and satisfied with their current financial situation. Unfortunately in the UK, many households find themselves grappling with financial stress. High living costs, stagnant wages, mounting debts and economic uncertainties are some of the factors contributing to this widespread issue.
The Mental Health Foundation conducted research and found that over 40% of UK adults have experienced financial worries and nearly a quarter of them said that these worries had a significant impact on their mental health.
The link between financial well-being and mental health is not a problem that can be solved by individuals alone. It requires a concerted effort from society as a whole.
The link between financial well-being and mental health in the UK is undeniable. Financial stress and instability can have a devastating impact on an individual’s mental health, leading to a cycle that is so difficult to break. It is necessary for society, government, and organisations to take action to address this issue in order to create a better future for all.