Debt-related stress negatively impacting mental health of over 14 million consumers according to an independent survey of over 2,000 adults commissioned by KnowYourMoney.co.uk. The research has found that 70% of consumers are in some form of debt, with 25% of those saying feeling their debt spiralling out of control and 41% stating it is causing their mental health to deteriorate.
More than a quarter (26%) of people claim debt has caused them to argue with a loved one in the past year.
Furthermore, half (49%) of consumers in debt do not believe they have adequate support to help them cope with the emotional toll caused by repayment demands.
Credit card debt (47%) is the most common form people have, followed by mortgages (27%), student loans and personal finance loans (both 14%).
The research showed two thirds (66%) of UK adults believe banks are too eager to encourage consumers to take on different forms of debt, while 49% say feel bombarded by marketing for debt products.
Elsewhere, 37% of consumers said they have bought an item on their credit card in their past year which they later regretted.
John Ellmore, Director at KnowYourMoney.co.uk, said “Finances can have a huge impact on a person’s physical and mental wellbeing. Worryingly, today’s research shows the true extent of unspoken debt-related stress.”
“Debt is still something of a dirty word in the UK, despite the fact the vast majority of us have some form of debt. However, if managed responsibly, it can be extremely useful. So, it is vital we kick-start a national conversation about debt, and finances in general. Not only will this prevent concerns becoming pent-up, it will encourage consumers to share useful advice about managing debt effectively.”