16 August 2008
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8 in 10 worried about the impact of the current financial climate
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People spending less on holidays, travel and food
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Young adults more stressed by financial woes
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Men have fewer money anxieties than women
New research shows that Britons are changing or planning to change their lifestyle habits because of the current financial climate. Nearly half of adults are choosing to cook and eat at home rather than going out for meals (44%), 1 in 4 are opting to grow their own fruit and vegetables (22%) – and when it comes to getting around, 1 in 5 are choosing to walk or cycle rather than use public transport or taxis (20%).
The YouGov survey, commissioned by the Mental Health Foundation, shows that the nation is adapting in the clutches of the credit crunch. Worry and stress are widespread but many people are taking a practical approach, and in most cases the lifestyle changes they are making - such as being more physically active and preparing meals from scratch - are good for mental health, according to the research charity.
But a third (34%) of respondents say they are cutting back or planning to cut back on going out with friends because of the credit crunch. Friendships are vital for good mental health and the charity warns people against risking isolation in the face of money worries.1 in 5 people (20%) said they are organising free activities with friends, such as walks and bike rides. The Foundation welcomed this finding.
Money worries
People are exerting less spending power - cutting back or planning to cut back on buying clothes (49%), leisure (44%), holidays (43%) and fuel (42%). And almost twice as many women as men are choosing to spend less money on food (38% in comparison to 22%).
The survey reveals that 8 in 10 British adults are worried about the impact of the current financial climate on their finances (80%) and two-thirds say that money worries are always at the back of their mind (61%). Almost twice as many people aged 18-24 are stressed by financial woes as those aged 55-plus (40% in comparison to 22%). And there are gender differences - 1 in 4 men (23%) say they have no money anxieties at all, in comparison to only 1 in 10 women (13%).
Rising fuel (76%) and food (70%) prices are people’s biggest economic worries while 1 in 3 are apprehensive about repaying credit cards, loans and other debts. 1 in 5 are concerned about their mortgage repayments - the same number as those worried about not being able to buy clothes, shoes and gadgets.
Speaking about the research findings, Celia Richardson at the Mental Health Foundation, said:
“As the economic slump begins to affect everything from food prices to mortgage repayments, this research shows that financial worries are a source of stress for many. But people are making changes to the way they live – like growing their own fruit and vegetables, and walking and cycling more. Not only is this evidence that people are adapting well to change, but some of their altered habits are actually good for mental health.”
“For many people, particularly the younger generations, this may be the first time they’ve been surrounded by worrying talk of serious recession. By spending less, people can help themselves avoid serious debt, which can lead to feelings of depression and anxiety. But they need to replace shopping and spending with other activities they enjoy and shouldn’t isolate themselves from friends.”
Stress busters that don’t break the bank
The credit crunch can’t touch many of the things that keep people feeling good - seeing friends, keeping active and eating healthily. The charity recommends the following to protect your mental wellbeing, and your bank balance...
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Cook dinner with your friends as an alternative to dining out – or take along a dish each to share
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Grow your own food – indoors or out
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Make your own lunch
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Cycle or walk rather than use a car or public transport
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Play games with family and friends – charades in the living room or frisbee in the park
Evidence shows that eating well, keeping active and keeping in touch with friends are all key to good mental health. The Mental Health Foundation has more information on its website - www.mentalhealth.org.uk
The charity says people should seek help if worry and stress are interfering with their daily life. Those concerned about debt or their finances can contact:
Notes to Editors
To arrange an interview with the Mental Health Foundation, please telephone the press office team on 020 7803 1126 (out of hours mobile 07966 168686).
The full results are available to download from the online media centre. Please enter the user name ‘media’ and the password ‘centre’ to gain access - www.mentalhealth.org.uk/media-centre
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,954 adults. Fieldwork was undertaken between 29th and 31st July 2008. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
The Mental Health Foundation uses research and practical projects to help people survive, recover from and prevent mental health problems.
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