Personal or household finances are the most likely cause of stress and anxiety, a recent survey by R3 and ComRes has shown – especially for those aged 35 to 44. 

A quarter of British adults say that their personal or household finances are currently having a negative impact on their mental health. The survey also found that 41 per cent of British adults say that they are worried about their current level of debt.

Mark Sands, chair of R3’s personal insolvency committee, says:

“Much more needs to be done to ensure that people are informed about what their options are when they encounter financial problems so that they can deal with them without unnecessary stress. Improving financial education and financial capability could have a huge, positive impact on the country’s mental health.”

Mark also raised concerns that those wishing to enter bankruptcy face paying £680 before they can access debt relief, suggesting instead the option of payment over the course of a bankruptcy.

Read more about the survey and R3’s tips for dealing with debt