With financial concerns at the fore for many people, unfortunately it’s no surprise over half of adults have experienced anxiety as a direct result of rising bills, with a quarter suffering with feelings of depression as escalating costs take their toll, according to a new study1.
Nearly half of adults are staying at home more to save money, in a form of self-imposed financial lockdown, rather than for health reasons. The survey also exposed a deep generational divide, with over three quarters of 25 to 34-year-olds experiencing anxiety over rising bills, compared to 26% of over 65s.
Older generations lend a hand
With financial anxieties more acute for younger people, data shows over four million retirees have provided financial support to family and friends (over a six-month period to August 2022), specifically to help with day-to-day costs and bills. On average, those helping their grandchildren gave £15,000; the average amount given overall was £8,4002.
Under 35s have delayed major financial milestones, including moving house or starting a family, effectively putting life events on hold. Over a quarter of young adults (27%) are deferring major purchases like a car or home renovation, 17% are holding off buying a house and one in eight (12%) are even putting off starting a family3.
“Take back control”
President of the Personal Finance Society, Caroline Stuart commented on the findings, “British people are struggling to cope not just financially, but mentally with rising bills. More people are experiencing depression and anxiety whilst eating less healthily and going out less. There is now a risk of turning a cost-of-living crisis into a public health crisis too. At a time when anxieties are running high, professional financial planners can help people manage and organise their finances in a way which can weather the storm, ease the burden, take back control of their money and plan for the future.”
As ever, we want to reassure you that we are on hand to support you through any challenges, by taking control and adopting a proactive approach to managing your money. Whether you need help planning your finances or you have loved ones you’re in a position to support financially, we can help you. The new year provides the perfect opportunity for us all to stop, step back and take a full review of our long-term financial wellbeing.
1Personal Finance Society, 2022
3Starling Bank, 2022
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