Money Sickness Syndrome ‘affecting the over-65s’

Debt management help may be required by pensioners after it was revealed many people over the age of 65 are experiencing financial worries that are affecting their physical and mental health.

AXA has warned many individuals are suffering from Money Sickness Syndrome – a term coined to highlight money-related anxiety.

A report published by the organisation found the condition to be widespread throughout society, but especially prevalent among the elderly.

It revealed nine million retirees are going through turmoil because of their money worries.

Just under half (43 per cent) claimed they often feel anxiety, slightly less than a quarter (22 per cent) suffer from a lack of concentration and a further 24 per cent noted they cannot sleep because of their financial woes.

Furthermore, 21 per cent said they experience depression in regards to the subject.

Around 60 per cent of over-65s blamed the high cost of living for their conditions, compared to 40 per cent of high-level managers and half of manual workers.

Pensioners also claimed it will be the costs of maintaining a decent standard of living that will mean their financial concerns continue over the next 12 months.

More than half (53 per cent) predicted their monetary predicaments will deteriorate over the year ahead.

Head of Psychological Health and Wellbeing at AXA Eugene Farrell commented: “As an aging population, such financial and health issues are a major concern for us as a nation and the consequences are likely to only get worse in the years to come.”

Research recently carried out by Age UK showed long-term unemployment for people over the age of 50 has escalated to a ten-year high.

By Joe Shervin