One in six think their relationship with money is unhealthy according to a new ‘Money Wellness Index’
- The survey found that only 6 in 10 feel in control of their finances
- First Direct asked 4,300 people as part of a new Money Wellness Index
- More than a third agree they need money to be happy
One in six people think they have an unhealthy relationship with money, a survey has found.
First Direct’s new Money Wellness Index found that around 15 per cent of people believe their relationship with their finances is unhealthy, while nearly two-thirds (63 per cent) disagree with this statement about themselves.
The bank asked more than 4,300 people in December for a new money wellness index from the internet and telephone bank.
Almost 38 per cent of the 4,300 surveyed say they are unable to afford the items they want
The research found that 16 per cent of people agree they are bad with money, while 63 per cent do not.
A quarter say that thinking about money sometimes keeps them up at night, while 22 per cent sometimes pretend or act like they have more cash than they do.
The research also found social media has an impact on how people feel about money.
More than a quarter (26 per cent) say seeing how other people live their lives makes them feel worse about their financial situation, rising to 45 per cent of 18 to 34-year-olds.
Across the survey, six in 10 people feel in control of their finances, while nearly a fifth (17 per cent) do not.
Around two-fifths (39 per cent) feel anxious about money while a similar proportion (38 per cent) say thinking about it usually makes them feel stressed.
Three in 10 reported feeling embarrassed about their financial situation.
A significant 42 per cent of respondents said they would feel better if they were able to speak to a real human being at their bank.
Over half of UK adults (52 per cent) would feel better about money if they had a better knowledge about financial matters.
More than a third (37 per cent) agree they need money to be happy, while 38 per cent say they are unable to afford the items they want.
Nearly half (48 per cent) of people are worried about their financial future and 46 per cent feel on their own when it comes to managing their money.
Being better informed about their finances is of particular importance to younger people (69 per cent).
First Direct commission the report to assess how adults in the UK feel about money
Joe Gordon, head of First Direct, said: ‘Consciously and unconsciously, we’re all impacted by different factors every day, and our attitudes to money are constantly being shaped.’
In the report he states: ‘Money is one of the UK’s greatest drivers of anxiety. And whilst people are spending over £20 billion a year on their wellbeing, the booming health and wellness industry has yet to address the subject of money.
‘This is in spite of people believing money is more important to their overall wellbeing than other more traditional areas of wellness, such as diet and exercise, which we’ve learned through our research.’
He added: ‘What we’re hearing is that people want to improve their overall wellbeing and that they recognise how they feel about their money is a critical part of that.
‘It’s our ambition to be the bank that gives people a better relationship with their finances and helps them feel well as a result.’
In the report First Direct reaffirms their commitment to customer care stating: ‘Our mission now is to ensure the issue receives more meaningful engagement and that the root causes of people’s anxieties start to be addressed.
‘This will require action by first direct and the wider industry. People can not feel truly well, unless they are financially well.’