As we take a moment today to reflect on mental health education, awareness and advocacy on World Mental Health Day, our recent research revealed that money worries are plaguing the minds of more than 18 million UK adults on a daily basis. That’s a very worrying statistic. What’s more, it not only causes significant distress among those affected but financial anxiety has resulted in around 9.5m UK adults suffering from mental health issues.
Sleep can also be significantly disrupted by stress and the knock-on effects of living under a financial cloud can interrupt key sleep cycles. A third (32%) of those who worry about money say that they struggle to sleep soundly at night. Those aged 25–34, who may be in the throes of major financial decisions such as buying their first home, planning a wedding or starting a family, appear disproportionately affected, with two fifths (40%) saying their sleep is regularly disrupted by money worries.
What are we worrying about?
Regardless of age, certain financial issues are universal and over half of those who worry about money are most concerned about paying household bills and funding day-to-day living. Although financial worries do differ across age groups with younger generations worrying about saving for a house and older people being more concerned about saving for retirement.
Are we more likely to confront our money worries or do we bury our heads in the sand?
Younger generations are so preoccupied with their finances that more than one in ten (11%) say they check their balance several times a day, while others chose to ignore their balance out of fear. Almost one fifth (18%) of those who only check their account every few weeks say they avoid doing so because they are worried about how much they’ve spent.
How can N26 help?
Our research sadly suggests that money worries and juggling daily finances are a key source of anxiety and are only adding to the problem, and with one in four Brits affected by mental health issues it’s really important that we talk about, and get on top of, our money worries. Being in control of your day-to-day finances can prevent money concerns from getting out of hand. At N26 our ambition is to make banking simpler, more accessible and more enjoyable to remove some of the stress and anxiety associated with traditional banking. We offer a range of digital budgeting tools within the N26 app to help people keep track of, and stay on top of, their finances. We’ve also paired up with Blinkist - an app which condenses the key ideas from non-fiction best sellers into 15-minute text and audio bites - to provide a reading list focused on financial wellbeing with useful tips to help combat money worries.
The full list can be accessed through the Blinkist app and is also available at the following link: https://www.blinkist.com/user-lists/taking-the-stress-out-of-personal-finance-by-blinkist.
We live in an increasingly complex world that can, at times, be difficult to navigate. We hope that by partnering with other user-centric, industry disrupters like Blinkist we can make our world a little easier for everyone to understand and thrive in.
Blinkist Reading List
- Happy Money By Elizabeth Dunn & Michael Norton
- Originals - Adam Grant
- Nudge: Improving Decisions about Health, Wealth and Happiness by Richard H. Thaler & Cass R. Sunstein
- How to Travel the World on $50 a Day by Matt Kepnes
- #Girlboss - Sophia Amoruso
- Millennial Money by Patrick O’Shaughnessy
- The One-Page Financial Plan by Carl Richards