Almost half (45%) of all UK adults are in debt and, according to research from comparethemarket.com, 90% of them are suffering from stress and anxiety as a direct result of their financial situation.
Furthermore, the research highlighted that younger people are most at risk, with those aged between 25 and 34 the most likely to owe money. Those over the age of 65 were the least likely to be in debt, with just 23% of that age bracket admitting to being so.
However, the survey revealed that 25% of Brits are actually unaware of how much debt they are in, something that comparethemarket.com said was “prevalent” amongst those aged between 45 and 54, with 34% of those surveyed answering “no”. Respondents aged 65 plus are most aware of their level of debt, with 88% claiming that they know exactly how much they owe, followed by 81% of 18 to 24-year-olds.
The research found that 1 in 4 adults in the UK use credit cards just to get by each month, with only 34% using them to take advantage of the benefits the credit brings, such as cashback, points or air miles.
Brits are not only letting debt impact their mental health, but also their relationships. Of those surveyed, 25% admitted that they hid debt from their partner, while 52% admitted that it has caused issues and arguments in their personal lives.
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