Debt concerns ‘affecting the physical wellbeing of many’

Worry brought on by debt troubles is causing many individuals to suffer damage to their physical and mental wellbeing, new research has suggested.

A report released by AXA has revealed up to 42 million adults in the UK have been affected by such stress.

These people range between low-paid workers, pensioners and even high-level managers, the study found.

The analysis showed nearly nine-out-of-ten adults are suffering from the physiological and psychological effects of Money Sickness Syndrome, with almost two-thirds admitting to feeling anxious about their finances in the last year.

Despite this, millions of employers and employees are not taking monetary advice when feeling troubled about their cash-flow status.

In the past 12 months, 63 per cent of grown-ups in Britain have reported their financial stress has increased.

The hardest-hit appear to be those who work in supervisory or junior roles, as 66 per cent complained of feeling the pressure of money worries.

Moreover, one-in-five high-level managers and professionals also admitted to feeling uneasy regarding their personal finances – which was more than double the number of skilled manual workers.

Most of those questioned in the survey stated rises in the cost of living and increasing bills were the main reasons for the widespread unease, which have been exacerbated by economic uncertainty and instability in the job market. The worry about job security is also a big issue.

Eugene Farrell, head of psychological health at AXA, commented: “An alarming number of people seem to have their heads in the sand about money matters.”

Director of reed.co.uk Martin Warnes recently claimed mounting debt concerns will not be appeased by a small increase in private sector jobs as outlined by the government.

By Joe Shervin