More Than 1/2 UK Women Say Finances Affect Mental Health
Women are paying the price of the cost of living crisis, with new research revealing that their financial situation is affecting their mental health.
More than half of women polled (53%) believe their financial situation has affected their mental health either significantly, a lot or a little. Almost half (46%) said they feel anxious about their financial situation all the time, daily or several times a week.
The research, commissioned by comparison website, NerdWallet UK, asked 2,000 UK adults how they feel about their current financial situation.
More than two fifths (45%) of the females polled said they feel either significantly or slightly more worried about their current financial situation, compared to one year ago. Just under one in five (19%) said they are unable to cope, or are finding it difficult to cope, with rising expenses. Specific concerns for women are energy bills (38%), food and other essential goods (31%) and unexpected and essential major expenses (23%).
Women finding it harder to cope
This compares to 37% of men who said they were more concerned with their financial situation now, and 16% who said they are unable to cope, or are finding it difficult to cope.
Brean Horne, personal finance expert at NerdWallet UK, said: “Although the cost of living impacts people from all walks of life, women face tougher challenges due to long-standing socio-economic disparities. Women are statistically more likely to be paid less than men due to the gender pay gap. Women are also more likely to work part-time or take time out of work due to family or care commitments.”
Both these elements can impact earnings significantly, putting women at increased risk of rising prices.
“There is growing evidence to show the connection between mental health and a person’s finances. For example, money worries such as figuring out how to cut spending or how to manage debts can impact a person’s physical and mental wellbeing. And the situation may worsen if they don’t get help,” added Brean.
Despite initiatives by charities and brands, nearly one fifth (18%) of women said that the cost of living crisis has made them feel less comfortable talking about money and financial worries with close family and friends.
Seek help
When asked what would prevent them from asking for help should they be struggling financially, 36% admitted the main reason would be due to embarrassment. Some 34% said it would be because they didn’t want to pay for advice, and 21% say they would be worried what the impact of asking for debt help would have on their credit score. Comparably, just a quarter of men said embarrassment was a factor for them.
Brean added: “It’s incredibly important for anyone struggling with their finances to seek help. Remember that you are not alone and getting assistance can help you find the best solution. Avoid ignoring any issues as oftentimes doing so can make matters worse in the long run.
“There are lots of charities and government backed agencies that people can access free, either in-person or online, which do not have any impact on credit scores or financial records. They are run by specially trained teams that offer expert, impartial advice to help get you on the right track. It may also help to simply have a conversation with a close friend or family member about any money worries to relieve the pressure and get a new perspective, while also removing the taboo of talking about our finances.”
