By George Jones

Copyright thesouthernreporter

The study of 2,000 adults was commissioned by Virgin Money in partnership with mental health charities Mind and SAMH (Scottish Action for Mental Health) and showed 89 per cent report experiencing money worries, with one in three admitting they regularly worry about their finances.

And the findings revealed younger adults were most affected, with 97 per cent of 25- to 34-year-olds reporting financial concerns.

This was closely followed by 18 to 24 and 35- to 44-year-olds (both at 96 per cent), while those aged 65 and over are the least likely to worry (75 per cent).

Women were more likely than men to feel worried about money (91 per cent compared to 86 per cent) and more likely to report a negative impact on their mental health as a result of concerns (52 per cent compared to 46 per cent).

For many, these concerns are long-standing with one in five admitting they’ve been dealing with money worries for over five years.

The emotional impact of this is significant, with 43 per cent feeling anxious, 41 per cent stressed, and 32 per cent fearful about the future.

While 26 per cent feel overwhelmed and 21 per cent feel depressed.

However, for some, financial stress has been a catalyst for change, with one in five saying their worries have motivated them to take action.

Despite the widespread nature of these concerns, many choose to keep their money worries hidden.

It also emerged 27 per cent have hidden money worries from their parents, 24 per cent from friends and 22 per cent from their partners, with men more likely than women to hide financial concerns from their partners (26 per cent versus 18 per cent).

The reasons for staying silent include not wanting to cause concern (38 per cent), avoiding burdening others (37 per cent), embarrassment (25 per cent), and fear of looking like a failure (24 per cent).Privacy also plays a role, with 31 per cent preferring to handle financial stress alone and 29 per cent viewing it as a private matter.

However, this secrecy comes at a cost, with 31 per cent admitted hiding money worries has negatively impacted their relationships with loved ones, with 35 per cent saying it made them feel anxious or withdrawn, 31 per cent feeling isolated and 30 per cent feeling misunderstood and unsupported.

Raymond Pettitt from Virgin Money, said: “Money and mental health are deeply connected, yet too often people suffer in silence.

“As we approach World Mental Health Day next week, it’s important to remember that mental health doesn’t take a day off and financial stress is one of the most common and persistent challenges affecting mental wellbeing and consequently relationships with loved ones, as our recent research demonstrates.

“That’s why we’re proud to continue our work with Mind and SAMH for another year, raising vital funds to help break the cycle, raise awareness of support available, and encourage open conversations so that no one feels they have to face these challenges alone.”

For those who are willing to be more open with others when it comes to sharing their money worries, they’re most likely to turn to their partner (30 per cent) or family (28 per cent).

Men were more likely than women to turn to their friends for support (19 per cent vs 11 per cent).

While 16 per cent wouldn’t seek any support at all.

For mental health support, respondents were most likely to approach their GP (38 per cent), partner (29 per cent), or family (22 per cent).

However, more than half (55 per cent) said they would feel uncomfortable disclosing a mental health issue to their bank or lender- this rises to 58 per cent among women, compared to 52 per cent of men.However, Virgin Money is working to change that.

Since the start of the year, colleagues across the bank have received dedicated mental health training, equipping them with the skills to support customers facing financial and mental health challenges.

This forms part of the brand’s wider commitment to mental health, which includes extending its partnership with Mind and SAMH for another year.

Together, they’ve raised over £500,000 to date through fundraising initiatives like “Stride by the Clyde” which saw 226 colleagues take part in September and raise over £67,000 – a total that includes Virgin Money’s 50 per cent match – in support of Mind and SAMH.

By combining training with awareness and action, it’s helping to create a more understanding and approachable banking experience, so customers feel safer and more supported when they need it most.

Andrew Berrie, head of corporate partnerships at Mind, said: “This research highlights the impact money worries can have on our relationships and mental wellbeing.

“With the ongoing cost-of-living crisis putting additional pressure on people’s lives, it is so important that the right support is in place.

“It’s been encouraging to see Virgin Money equip their employees with the skills to support customers financial and mental health challenges.

“We’re also incredibly grateful to Virgin Money for the funds they have raised for Mind and SAMH.]

“Their support means we can continue to provide vital services such as our confidential phone service, Mind Infoline, and our online peer support community, Side by Side, so people have somewhere to turn to for advice and information.”

Hazel McIlwraith, director of fundraising and major appeal at SAMH, said: “We’re so pleased to extend our partnership with Virgin Money for an additional year, and want to say a big thank you to Virgin Money colleagues and customers for raising such a terrific amount so far.

“Thank you for supporting Scotland’s mental health.

“As this research shows, money worries can harm our mental health and wellbeing, especially if we feel isolated and like we have nowhere to turn.

“My message to anyone facing mental health or financial challenges is to please reach out: help is out there.

“Later this year, SAMH will open “The Nook” in Glasgow – the first in a national network of walk-in mental health hubs offering fast, barrier-free support.

“No stigma, rejections, or waiting lists.

“Virgin Money is funding a financial advisory role at “The Nook” and we are grateful for our partner’s support as we embark on the largest mental health charity initiative in Scottish history.”