Giovanni Daprà, Co-Founder and CEO at Moneyfarm, discusses the cost-of-living crisis' impact on the population's mental and physical health.

An in-depth piece of behavioural science research conducted by Moneyfarm has revealed that the mental wellbeing of 37% of the population and the physical health of 28% of the UK is being negatively affected by their current financial situation during the cost-of-living crisis.

The impact of which is spreading into many critical areas of people’s lives, with 41% of the UK population reporting they have lost sleep worrying about money this year, 21% have broken down emotionally, 20% admit it is adversely affecting their productivity at work and 20% have experienced either excessive eating or a loss of appetite, whilst 24% say that the stress over finances is manifesting itself in physical pain.

Giovanni Daprà, Co-Founder and CEO at Moneyfarm comments:

There is a serious mental and physical toll that financial pressures are putting on the population’s health and wellbeing as the cost-of-living crisis continues to bite.  As we experience the highest inflationary environment for forty years this cannot be underestimated.

But it is important to keep calm and not make any knee-jerk financial decisions that you may come to regret. If financial anxiety is weighing on you, start by identifying the specific issues keeping you up at night. Whether the problem is debt, upcoming bill payments, or even someone else’s financial issues, pinpointing the source will help you determine your next move. Take some time to do a financial MOT to ensure you don’t come up against bigger financial problems later down the line that would impact your financial future.

Full release: The mental and physical toll of the cost-of-living crisis