Money worries ‘affecting people’s health’

People in the UK are becoming so lumbered by money worries they are concerned about their health, according to new research by MoneySupermarket.com.

The study – which surveyed 2,005 nationally representative UK adults – found 31 per cent of the population label their finances as the biggest daily stress. 

Some 18 per cent admitted their current financial situation is causing them the most stress and a further 13 per cent claimed it is their future financial situation which worries them the most. 

Worryingly, people are concerned about their health, with 13 per cent saying stress is making them feel anxious.

Unfortunately, of those who are already stressed about the state of their finances, a staggering 72 per cent believe their financial worries will only get worse this year, with the rising cost of living being the primary reason for 51 per cent of people. 

The cost of living has been rising at a faster rate than people's income, which is naturally causing problems and many have fallen into debt as a result.

Changes in the benefit system in the UK are also a worry for many, with one in ten saying the uncertainty towards their payments will increase their money worries.

In addition, almost half of people (48 per cent) claim they are either frequently or occasionally worried about their financial situation, which is not helping their health concerns. 

The younger generation are the ones feeling the financial strain the most, with two-thirds (62 per cent) of 18 to 34 year olds claiming they are frequently or occasionally worried about their financial future.

Clare Francis, editor-in-chief at MoneySupermarket.com, said: "With such a high percentage of those who feel stressed by their finances not being able to envisage any relief in the next year, and with it clearly impacting other areas of their lives, it is vital that people start to take positive action before it all becomes too much to cope with."

By Joe White