One in 10 adults worry about meeting mortgage repayments, research finds
Research from St. James’s Place (SJP) found nearly a fifth (19%) worried about not saving enough to feel financially secure now and in the future.
One in 10 adults were worried they would not have enough money to pay their mortgage, according to research from St. James’s Place (SJP).
40% said their financial situation had negatively affected their mental health in the past year, while nearly two in five (38%) said their physical health had been impacted.
38% had less than £10,000 in savings, investments and physical possessions, with one in seven (14%) saying they had no wealth at all.
The research found those with a plan for their money were more likely to feel financially resilient than those without (76% compared to 52%).
More than a fifth (22%) said their financial situation had hurt their mood, while one in seven (14%) were anxious about going out and seeing anyone else.
Nearly a fifth (19%) worried about not saving enough to feel financially secure now and in the future.
Alexandra Loydon, group advice director at SJP, said: “Over the last five years, households have faced successive crises and challenging economic conditions, from higher mortgage costs to rising energy and food bills.
“Our research shows the toll this prolonged period of uncertainty is taking on people’s mental and physical health and financial resilience, with younger adults feeling the strain particularly acutely.
“Many people remain worried about their finances looking ahead to the next 12 months, but there are practical steps that can help.”
Loydon added: “Understanding your financial position and putting a clear plan in place can help build resilience and give people greater confidence about the future.
“Our research shows those with a financial plan are more likely to feel financially comfortable and able to cope with financial shocks.
“Finances can be a difficult topic to discuss, but people should not feel they have to manage these concerns alone.”
She said: “Seeking support from family and friends, debt advice charities, financial advisers or mental health professionals can provide valuable guidance and reassurance during difficult periods.”
Related
PFS strengthens POWER Panel with two appointments
Lync Wealth Management acquires two Belfast-based financial planning firms
Financial planning firms see estate planning and retirement as top client priorities, study finds
Young adults most confident and proactive about financial goals – Aviva
Over one million borrowers could see mortgage payments rise by £283, study finds
Clifton Wealth Partnership adds two financial planning firms to group
Mortgage repayments still consume more than half of household income despite falling rates, study finds
Mortgage repayments take half of average pay as house prices outpace wages – Moneyfacts
One in seven parents financially squeezed between children and ageing parents, Vitality finds
47% of couples share finances but planning gaps remain – LV=
Stalworth Wealth and Ifamax gain CISI Accredited Financial Planning Firm status
