Over one in five (23%) people in the UK feel financially worse off than when the pandemic began, with two in three (68%) suggesting it has negatively impacted their mental health, new research has found.

A study from Yorkshire Building Society, based on findings from 2,000 UK adults, revealed that the majority (67%) said they were anxious as a result of their fragile finances.

The society’s findings also showed that around half (49%) of respondents whose finances had been negatively affected this year felt depressed, and more than two in five (43%) said they struggled to sleep. Others reported having mood swings (27%) and feeling helpless (36%), while one in five (19%) stated that their work life had been disrupted as a result.

Yorkshire Building Society director of savings, Tina Hughes, commented: “This latest research is building on the indicators of the serious negative effect the pandemic has had on many people’s finances is leading to poor mental health and it’s important that’s not ignored.

“We don’t want people to suffer in silence and would encourage anyone who is feeling overwhelmed about their money situation to speak out – talk to someone they can trust, get in touch with the organisations involved with their money, or seek professional help from one of the many great charities available to help.”

According to separate research from the society, Yorkshire Building Society also stated that consumers are currently facing a £371bn savings shortfall when it comes to feeling able to withstand a financial shock.

Hughes added: “Whilst many people have managed to put away extra savings throughout the pandemic, this latest research clearly shows that different pockets of society have been more impacted than others over the last 18 months.

“For some of those that have struggled during the pandemic and are now confronted by a cut to universal credit, a record breaking jump in inflation in August and rising energy and food prices, the picture this winter is bleak.”

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