Of Special Interest
- Consumer confidence in banks, credit card providers and investments remain stable as demand supercharges digital finance says Toluna research
- Nuapay data reveals strong consumer demand for Open Banking and better payment experience
- US banks see IT modernisation as a way to improve customer experience
- Risk mitigation in global trade depends on digitisation-Andrew Raymond, CEO, Bolero International comments
- Juniper Research new study says the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022, from a COVID-related low of 38 billion in 2020
- CMA issues fifth publication over 3 years of the service quality league table of personal and business current account providers
- Barclays says scammers take advantage of COVID-19, cashing in on nations’ uncertainty
- S&P Global report says financial market infrastructure sector's earnings likely to cool off In second half
- Global banking market capitalisation slumps by over 30% amid pandemic says Buyshares research
- Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
- Juniper forecasts mobile money transactions will exceed 200 billion by 2024
- Banks can save the world from climate change, says former UN climate chief
- Research by NatWest reveals gender divide over attitudes to saving
- Europe’s big bank problem: too much capital is trapped in the US, says Scope
- Later-Life lending market set to almost double in the next 10 years, finds report
- Barclays/Cebr report challenges nation to think differently about wealth
- Fifth of UK investors looking to debt investment, new research reveals
- Regtech will play a more important role in PSD2, says Mitek
- Banks turn to Fintech partnerships to improve customer experience, finds Fraedom
- New industry code to tackle fraud must deliver, says Which?
- New TTF report highlights loss of trust in financial services
- Arxan highlights financial app vulnerability epidemic
- SAS asks whether banks really need to choose between operations and innovation
- Which? raises alarm as almost 1,700 free ATMs become fee-charging
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
30th April 2019
Financial wellness affects half of peoples’ mental or physical health, finds report
Amid the UK’s financial uncertainty, it’s not surprising the Financial Wellness Report from TopCashback.co.uk reveals that 96 per cent of people in the UK have experienced stress and worries about their finances.
Despite 53 per cent of consumers seeing good financial wellbeing as unachievable, 90 per cent think it is important, with 82 per cent recognising financial wellbeing as being equally important as healthy eating and exercise.
Poor financial health not only creates stress and worry for consumers but can also have a further negative impact on health. The report reveals that 54 per cent of people say their financial wellbeing has affected their mental or physical health in the past, and 35 per cent say regularly worrying about money influences their psychical or mental health.
The report found that 17 per cent of people have no plan in place to become financially well with 53 per cent of those feeling trapped by not having enough money to pull themselves into a financially well state. It doesn’t help that the journey to financial wellness feels like a long slog, with 48 per cent estimating it will take between three and 10 years to reach a content financial position.
For 67 per cent of people a key element of being financial well is being in control of their finances and having enough money to cover their monthly outgoings and standard of living they choose. For 54 per cent, it’s about being able to save for their future.
Lifting the lid on consumers’ money worries, the report reveals 57 per cent of those who do not see themselves as financially well do not feel in control of their finances; 32 per cent either spend more than they earn each month or are not sure if they spend within their means, and a huge 81 per cent of people would not be able to support themselves for more than three months if they lost their source of income.
In contrast, of those who do consider themselves financially well, 91 per cent feel in control of their finances, 70 per cent spend less than they earn each month and 33 per cent would be able to survive a year or more on their savings cushion.
Adam Bullock, UK Director of TopCashback.co.uk, said: “Our report shows there’s a direct link between feeling in control of your finances and good financial wellbeing. A lot of people can feel out of their depth when trying to build their financial wellness, especially if they’re struggling with a lot of debt, don’t know where to start or feel the road is too long. But there are small stepping stones that could really help. From daily budgeting to savvy spending, little by little consumers can regain some control.”