Financial concerns are impacting mental wellbeing, with 40 per cent stating negative effects on mental health, according to AXA UK.
According to AXA UK’s second Customer Lifestyle Report, nearly 75 per cent of adults have cut spending, especially on days and nights out, electrical appliances, and gifts,
Around 82 per cent agree that being stable financially is essential for wellness, and half think affordability has an impact on one’s self-worth.
All age groups have purposefully reduced expenditure to enhance mental wellbeing, although those between the ages of 18 and 24 struggle more.
The report also found that people are prioritising socialising despite possible reductions in Christmas expenditure, with 1 in 4 planning to make fewer purchases. Meanwhile, 48 per cent are planning a holiday while 37 per cent plan to save or invest.
Insurance spending has decreased by 33 per cent, primarily in car insurance. However, 1 in 5 are considering health insurance for convenient access to doctors’ appointments.
AXA UK chief customer & brand officer Vicki Joshi says: “We know that many people are having to make difficult choices about how they spend their money and with Christmas fast approaching, they may need to reduce spending on things that are not perceived as a necessity. Although reducing financial commitments may be important, it is essential people are protected and have the right cover for their needs, for the times when they may need it most.
“We know that financial pressures can cause additional stress and our report shows that a significant number of people describe their mental wellbeing as ‘getting by’. I would encourage our customers to read our mind health report which shares tips and suggestions to help protect your mental health and wellbeing. We will continue to understand and respond to changing needs so we can remain relevant in our customers’ lives.”
