In 2022 the FCA found that more than half of adults in the UK felt increased levels of anxiety or stress due to the cost of living. Just under three in ten (28%) reported losing sleep because of money worries; nearly a quarter (24%) reported suffering with their mental health, and 15% had had relationship problems because of their money worries.
With so many pointing to money worries as the number one cause of stress, we were thrilled when our recent Social Impact study found that 46% of our members were less stressed about money after joining Clockwise Credit Union. 11% of this cohort reported that this had a direct impact on their mental health.
The UK mental health charity Mind notes that money worries can feel like a vicious cycle as stress and worry can make it harder to manage your finances or earn more money, and that can lead to your financial situation being worse – which obviously leads to more stress.
So what can you do if you are struggling with your finances to the point where it’s affecting your mental health, or causing you an amount of stress you are struggling to deal with?
The Stress Management Society is excited to launch the #LittleByLittle Campaign for Stress Awareness Month 2024, highlighting the power of small, everyday actions in combating stress and improving mental well-being.
Check out the video below from the Chief De-Stressing Officer at The Stress Management Society, Neil Shah, who explains a little more about the theme Little By Little, A Little Becomes A Lot!
Here are some ways you can remove financial stress in your life:
- Start a savings account, even if it’s only a little a month
- Check your Direct Debits to see if you’re paying for services you don’t use
- You can also see if paying some bills by Direct Debit can save you money
- Why not find out if you are eligible for any additional benefits?
- If you’re claiming Universal Credit you may be able to get a low-cost broadband package
- Start planning your finances long-term
- Make sure the food you buy goes as far as possible
Read our blog on 18 simple ways to relax
Clockwise Credit Union have a range of financial products to help you manage your finances better. With safe savings and affordable loans, joining a credit union could take some of the financial stress out of your life. If you’re interested you can join here: https://www.clockwise.coop/join/
