Family finances ‘biggest mental health strain for one in four people’

One in four people (25%) say their biggest mental health strain comes from the pressure of being responsible for their family’s finances, a survey has found.

A fifth (20%) of those questioned said having other people depending on them financially means their own desires for spending money come last.

And one in six (15%) of those with caring responsibilities, either paid or unpaid, fear they will not be able to look after those depending on them amid the cost-of-living crisis, according to the poll of more than 2,000 people commissioned by personal finance app HyperJar.

Mat Megens, chief executive of HyperJar, said: “It’s extremely sad to see how much the cost-of-living crisis is affecting carers and parents across the UK.

“Feeling worried about our personal situation is one thing, but when others are depending on us it just compounds the stress.”

The Government recently announced a package of support measures, including a £400 grant to help households with energy bills, a £650 one-off cost-of-living payment for those on means-tested benefits, a £300 cost-of-living payment for pensioner households, and a £150 disability cost-of-living payment.