A recent survey highlights the psychological toll of financial struggles on mental and emotional wellbeing, with experts urging those affected to seek support.
A recent survey conducted by HSBC UK has revealed that one in three people in the UK feel their financial situation is adversely affecting their mental and emotional wellbeing. The research, coinciding with Debt Awareness Week, highlights the psychological impact financial struggles can have on individuals.
The study indicates that the primary reasons for borrowing money among participants are to cover everyday living costs and unexpected expenses. Credit cards are identified as the most prevalent form of borrowing, with personal loans, overdrafts, and buy now pay later schemes also noted. Despite these findings, it was discovered that only half of the borrowers were aware of the interest rates on their debts.
Madhu Kejriwal, head of unsecured lending at HSBC UK, and Haydn Williams from the NatWest Group, have both emphasized the importance of seeking support in times of financial difficulty. They suggest reaching out to banks or independent debt advice organizations for assistance in managing debts, emphasizing the availability of resources such as financial health checks and webinars aimed at aiding customers.
The survey conducted by Censuswide involved 2,000 UK participants and uncovered that clearing debt is a top financial goal for many, alongside saving for large purchases, aiming for early retirement, and securing homeownership. Despite concerns, a notable proportion of respondents expressed confidence in managing unexpected financial expenses in the forthcoming year and achieving their financial goals.
For individuals facing financial challenges, there are several support options available, including the government-backed MoneyHelper website, which provides tools and information on managing finances and accessing support for living costs. The findings from the HSBC UK survey underscore the significant impact financial pressures can have on mental health and the critical importance of seeking support to navigate financial difficulties.