Over half of adults6 have experienced anxiety as a direct result of rising bills, with a quarter suffering with feelings of depression as escalating costs take their toll.
In a form of self-imposed financial lockdown, rather than for health reasons, almost half of adults are staying at home more to save money. Exposing a deep generational divide, the survey also discovered that over three quarters of 25 to 34-year-olds are experiencing anxiety over rising bills, compared to 26% of over-65s. Over four million retirees have provided financial support to family and friends (over a six-month period to August 2022), to help with day-to-day costs and bills.
Life on pause
Some people aged under 35 have effectively put life events on hold. Over a quarter of young adults (27%) are deferring major purchases like a home renovation or car, 17% are holding off buying a house and one in eight (12%) are putting off starting a family7.
Time to “take back control”
Caroline Stuart, President of the Personal Finance Society, commented on the findings, “British people are struggling to cope not just financially, but mentally with rising bills. More people are experiencing depression and anxiety whilst eating less healthily and going out less. There is now a risk of turning a costof-living crisis into a public health crisis too. At a time when anxieties are running high, professional financial planners can help people manage and organise their finances in a way which can weather the storm, ease the burden, take back control of their money and plan for the future.”
Time to reflect
The new year provides the perfect opportunity for us all to stop and take a full review of our long-term financial wellbeing. Whether you need help planning your finances or you have loved ones you’re in a position to support financially, we can help. 6 Personal Finance Society, 2022 7 Starling Bank, 2022