Thursday, 21 March 2019 16:27

Can't save? You might have mental illness

If you're in debt or struggling to keep your head above water, chances are you will, or soon will be, suffering from mental illness such as anxiety or depression, according to reports.

That's a depressing thought in itself, isn't it? But that's what we're being told.

Newly released research shows that there is a direct correlation between those who are unable to save and those who have some kind of mental illness.

Around 72 per cent of all the UK's workforce can apparently only manage to save around £100 per month, at best, after all bills have been paid. Unsurprisingly, 60 per cent of this figure has trouble sleeping at night. A quarter of these people also admit to suffering from the blues, and 38 per cent say they are prone to panic attacks directly linked to their unstable financial situation.

It is clearly a cycle that needs breaking as the research also highlighted that nearly half of all workers who admitted feeling financial strain also concluded that their performance at work was impacted and that they couldn't concentrate.

It may come as a surprise to many people, but financial woes weren't pinpointed to those on low-medium wages either. Thirty-nine per cent of people earning a three figure salary also admitted to worrying about money and the lack of savings, which highlights that it is a savings problem as opposed to an income problem.

It also highlights to us that no matter how much people earn, they will spend it rather than saving. This mindset and behaviour need to change. It is a disgrace that people are earning three figures and go to bed worrying about their financial security. Our patience runs out when we hear things like this. We have every sympathy for people earning peanuts and struggling to get by, but when we understand that some people are earning a three-figure sum and are still lamenting the fact that they have money worries, it becomes apparent that it is a problem with society and spending in general.

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