Debts worry to blame for poor health

21 July 2019 By Geoff Ho

MONEY problems have left nearly a fifth of Britons experiencing mental and physical health issues, according to research from Fairmoney.

The loans comparison site also found that 15 per cent of people attributed the strain in their marriages or relationships to financial issues. Fairmoney found that a quarter of the people living in the UK have lost sleep at night due to stress caused by their financial position.

It also said that 12 per cent admitted to avoiding their mail or checking their statements because of their fear of bills. The rm’s research comes after the release of data from London Mayor Sadiq Khan that linked poverty to youth violence

Elsewhere, people are increasingly worried that a new government will stage a fresh attempt to grab more of their savings and pensions, according to mutual insurer Royal London.

It said that 90 per cent of pension advisers have been approached by clients over the last two years for advice on how a change of government could affect their nances. However since the start of the year, 54 per cent of advisers say that the frequency of those conversations has “greatly” increased.

The biggest concerns people have is pensions and potential changes to tax relief, with 65 per cent of people asking for advice on the subject, followed by estate planning and inheritance on 64 per cent.

Becky O’connor, Royal London personal nance specialist, said that with politicians using inheritance and pensions tax relief as “policy footballs”, people are right to seek advice. However she added:

“With so much uncertainty, the difficulty for advisers is knowing what to say.”