One in five consumers suffer from mental health issues due to their financial situation

New research from Lowell has found that more than a quarter (27%) of Brits don’t have the ability to save money due to their financial situation and over one in five (22%) revealed that they have mental health difficulties directly caused by money.

Over the past 90 days, in the UK search terms for ‘I can’t afford my bills’ (+400) and ‘I am worried about money all the time’ (+300%) have increased.

Lowell says that these statistics show that finances are having a huge impact on mental health across the country. In response to these findings, credit management company Lowell has conducted research into the financial hardships that Brits are having to face.

Lowell’s study revealed that over a quarter (27%) of consumers struggle to save money due to their financial situation. Over one in five (22%) consumers said that their financial difficulties have had a direct impact on their mental health, and that they’ve struggled with stress, anxiety or depression due to money worries

The research also revealed that consumers are losing sleep due to finance-related stress (21%) and almost one in five (18%) have struggled to pay their bills.

John Pears, UK CEO of Lowell, comments: “It’s saddening to see how financial difficulties are having a direct impact on the mental health and general well-being of Brits across the country. It’s important for those struggling to know that there are many organizations out there that can offer support and guidance.

“We believe it is important for consumers to feel empowered and in control of their finances. Here at Lowell, we are talking to consumers daily and directing them to credible, trustworthy sources for support where it is needed.”

Difficulty faced as a consequence of finances	Percentage of Brits impacted
The ability to save money	27%
Mental health (stress/anxiety/depression)	22%
Lost sleep due to stress	21%
The ability to pay bills	18%
Slept more to avoid problems	13%
Relationship with partner	11%
Relationship with family	10%
Relationship with friends	9%
Weight loss	8%
The loss of housing	8%