Pepper Money has revealed the impact the cost-of-living crisis is having on the finances and mental health of British households.
The specialist mortgage lender partnered with YouGov to conduct research amongst more than 6,000 adults as part of its Specialist Lending Study, which revealed that 71% of people are concerned about their financial situation as a direct result of the cost-of-living crisis.
It found that 76% of adults now track their bills at least once a month. This represents a significant increase from 67% when the research was conducted last year. And 76% of respondents say a £100 increase in their monthly bills would have a significant impact on their finances.
With this in mind, 37% of UK adults say that their current financial situation is negatively impacting their mental health, and 81% think the economic environment will make it harder for them to get a mortgage.
Paul Adams, sales director at Pepper Money, said: “The cost-of-living crisis is impacting everyone and is putting severe financial pressure on the majority of the population. Our research, in association with YouGov, has found that 71% are concerned about their financial situation as a direct result of the crisis, while 76% say a £100 increase in their monthly bills would have a significant impact on their finances.
“Given this research was held shortly before the energy price cap was raised on 1st October, there is a high probability that this £100 increase in monthly bills will be crystalised for many households in the coming months, and this is only going to increase the financial pressure.
“Set against this backdrop, and in an environment of increased rates, as a result of the September mini-budget. Mortgage advisers have a big opportunity to positively impact the lives of their customers. A mortgage is the largest monthly financial commitment for most people and good advice can help people potentially save thousands.”
