A recent study from responsible lender Creditspring reveals alarming insights into the dire state of mental health among young Brits due to the escalating cost of living crisis. With financial stress reaching unprecedented levels, almost half of the youth admit to witnessing a significant decline in their mental wellbeing.
Calls for an enhanced collaboration between sectors have gained momentum. Stakeholders are pressing for a united front to help mitigate the severe impact of these financial worries on the nation’s mental health. Adding to the grim scenario, fresh data from the Office for National Statistics (ONS) pinpoints young people, particularly those aged 25-34, as the most vulnerable demographic to the rising cost pressures.
Specifically, 30% of Brits confirm their deteriorating mental health since the crisis began, but this figure jumps alarmingly to 48% for the 25-34 age bracket. The research underscores that for a staggering quarter of all respondents, their mental health is currently at its worst due to financial stressors. Among those aged 25-34, this number increases to a worrying 36%.
Delving deeper into the statistics, the ONS data throws light on a stark reality. Young adults, those between 25 and 34, are 3.4 times more susceptible to financial hardship than their counterparts aged 75 and above. This distressing trend underscores the urgent need for bolstered financial and mental health resources, particularly focusing on younger generations.
Unfortunately, many believe that the government’s response has been lacklustre. Approximately 29% of the UK population opines that there’s a glaring absence of sufficient financial backing from the authorities, forcing them to seek help elsewhere. This sentiment is more pronounced among 25-34 year olds, with almost 43% feeling unsupported.
Creditspring’s CEO and Co-Founder, Neil Kadagathur, expressed his deep concerns, stating, “These findings are enormously concerning, especially for young people who are feeling the impact of financial worry most acutely.
“The fact that so few people have been contacted by their bank about mental health support only serves to highlight the disconnect between financial health and mental wellbeing.” He emphasised the vast opportunity to establish more integrated support systems for consumers. Kadagathur ardently believes in a collective effort where policymakers, financial institutions, health services, and charities converge to frame holistic solutions catering to both mental health and financial distress.
On a concluding note, Creditspring has been proactive in redirecting members, who might require further financial or emotional support, towards organizations like StepChange, Samaritans, and MoneyHelper, based on individual circumstances.
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