New research from mobile bank N26, to coincide with World Mental Health Day, has revealed that money worries are plaguing the minds of more than 18 million UK adults on a daily basis. This not only causes significant distress among those affected but has resulted in around 9.5 million consumers suffering from mental health issues as a result of financial anxiety.
The research says sleep can be significantly disrupted by stress and the knock-on effects of living under a financial cloud can interrupt key sleep cycles. A third (32%) of those who worry about money say that they struggle to sleep soundly at night. Those aged 25–34, who may be in the throes of major financial decisions such as buying their first home, planning a wedding or starting a family, appear disproportionately affected, with two fifths (40%) saying their sleep is regularly disrupted by money worries.
Regardless of age, certain financial issues are universal and over half of those who worry about money are most concerned about paying household bills and funding day-to-day living. Financial demands do differ across age groups with younger generations mostly concerned by mounting student debts and saving for a house. The research revealed that one third (33%) of those aged 18–24 are worried about paying off their student debt and almost half (48%) are concerned with saving for a house.
Younger generations are so preoccupied with their finances that more than one in ten (11%) admit to checking their balance several times a day, while others chose to ignore their balance out of fear. Almost one fifth (18%) of those who only check their account every few weeks say they avoid doing so because they are worried about how much they have spent.
Financial worries encountered at different life stages can prove harmful in different ways; one quarter (24%) of those aged 45–54, potentially concerned with saving for retirement, say they worry ‘constantly’ about their finances. Of this demographic, 30% say these concerns have affected their mental health.
Commenting on the research, Will Sorby, UK General Manager at N26, said “Day’s like today are really important to help raise awareness of mental health issues, and with 1 in 4 Brits4 affected each year, this has never been more vital. Our research sadly suggests that money worries and juggling daily finances are a key source of anxiety and are only adding to the problem.”
“Being in control of your day-to-day finances can prevent money concerns from getting out of hand. At N26 our ambition is to make banking simpler, more accessible and more enjoyable to remove some of the stress and anxiety associated with traditional banking. We also offer a range of digital budgeting tools to help people of all ages stay on top of their finances.”