A survey has found that one in three people, or 33 percent, feel their current financial situation is negatively affecting their mental wellbeing. The research for HSBC UK also revealed that 31 percent said their finances are negatively impacting their emotional wellbeing.
This information was released during Debt Awareness Week, which runs from March 18-24. Nearly a quarter, or 24 percent, of people who have taken out non-mortgage credit said that covering everyday living expenses was the main reason for their most recent loan.
Meanwhile, 19 percent said that an unexpected expense was behind their most recent borrowing. Credit cards were the most common forms of borrowing among those surveyed, followed by personal loans, overdrafts and buy now pay later schemes.
Some people had also borrowed money informally from friends or family members. Only about half, or 51 percent, of borrowers said they know the interest rates on their current debts.
One in nine, or 11 percent, had combined their debts into one place to make them more manageable. Six in 10, or 60 percent, of those surveyed said that they are confident in their financial resilience and ability to handle unexpected financial expenses in the next 12 months.
Just over half, or 52 percent, reported feeling confident that they can achieve their financial goals for the next year.
Paying off debt is what most people want to do in the long run, says a survey. They also want to save for something big, stop working early, pay off their home loan, or save for a house.
Censuswide asked 2,000 UK folks about this in March.
Madhu Kejriwal from HSBC UK said: “If you feel your financial situation is impacting your mental or emotional wellbeing, you’re not alone.”
“Reaching out to your bank is a good place to start from free ‘always on’ webinars to one-to-one financial health checks for customers and non-customers alike we are here to help.”
“And if you have debts from multiple providers, free, impartial advice from organisations like StepChange Debt Charity can also help.”
The Government’s MoneyHelper website has tools to help you with money stuff and helpforhouseholds. campaign.gov.uk tells you about support for living costs.
