79% say their financial situation is negatively impacting their mental health – Bluestone Mortgages

Nearly eight in 10 (79%) have said that their financial situation has had a negative impact on their mental health, new research from Bluestone Mortgages this Mental Health Awareness Week has revealed.

As part of the research, over two fifths (41%) of consumers said they are financially worse off compared to 12 months ago, with families between aged 35 and 44 being the hardest hit (47%), compared to just 30% for those aged 18 to 24. 

According to the findings, the state of the nation’s finances is proving detrimental to mental health.

While 79% said their financial situation is having a negative impact on their mental health, women felt this more acutely at 87%.

For those with adverse credit, the impact was even more pronounced, with nearly all respondents (96%) saying the state of their finances has had a negative impact on their mental health. 

Ryan Davies, strategy director, Bluestone Mortgages, said: “As the ongoing cost of living pressures and sticky inflation continue to take their toll, we expect to see a rise in vulnerable customers.

“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. 

“The best thing customers can do is seek support from a mortgage lender or speak with a broker to understand the tailored options available to suit their circumstances. 

“It’s our responsibility as an industry to help these customers during these challenging times and support them in their homeownership goals.”