Almost half of British adults are troubled by money concerns.

The cost of living problem negatively impacts the mental health of nearly half of all adults in the UK, with the Welsh being the unhappiest.

61% of respondents in Wales reported that their present financial condition negatively impacted their mental health. Compared to 48% in Scotland and 47% in England.

Comparative research indicates that the mental health of working adults in the UK has deteriorated significantly since 2020 when only 35% of persons in Wales and Scotland and 36% of people in England reported that their financial condition negatively influenced their mental health.

61% of the Welsh population reported that their present financial condition was detrimental to their mental health.

Luke Young, assistant director of Citizens Advice Cymru, stated, “We are aware that the combination of financial hardship and persistent poverty can cause people to feel unstable and uneasy,” he said. “Nearly half of our debt clients in Wales have negative budgets, meaning they have nothing left after paying their necessary expenses.

The lack of financial stability and confidence in knowing how you will pay for the unexpected things that may arise influences the mental well-being of many individuals. Young stated that the Welsh government’s Fuel Support Scheme was more generous than the English government’s offer but that the Welsh government planned to abolish the program next winter. 

“This is money that helps individuals remain afloat,” he said. 

When the survey questioned respondents across the UK if they were concerned about paying their bills in the next six months, 64% of individuals in Wales said they were, compared to 53% in England and 54% in Scotland.

57% of residents in the East Midlands, 56% of residents in Yorkshire and the Humber, and 56% of residents in the southwest of England were concerned about paying their bills, compared to 49% of adults in London.

BITC has launched a plan to assist businesses in mitigating the cost of living crisis, which includes paying the real living wage, allowing staff to work flexibly, assessing the needs of low-income customers, and providing affordable products.

Although businesses were suffering, they could make a significant difference for the 30 million employees in the UK.  She stated, “Our cost of living action plan gives businesses the advice they need to support their most vulnerable employees, customers, and communities.”