Money worries are increasing among young people because of the pandemic, and this is having a huge impact on their mental health according to The Mix, a website offering support to under 25s.
Worrying statistics from a new online survey of over 2000 16 to 25-year-olds* suggests that young people’s financial health has worsened as a result of the pandemic. More than two in five (41 per cent) of young people say that their money worries have increased due to the impact of the pandemic.
This research has been carried out with YouGov, as part of a partnership between youth charity The Mix and global information services company Experian, who are collaborating to bring young people accurate and timely information and support about money.
Money and mental health
Over a third (35 per cent) of young people surveyed agreed that the impact of the pandemic on theirs or their family’s finances has negatively affected their mental health. Three in ten (30 per cent) of young people are worried about having enough money to make ends meet during a typical month.
Out of the young people who worry about money, 44 per cent experienced anxiety as a result, with 41 per cent having feelings of low mood or depression. Disrupted sleep was experienced by almost three in ten (29 per cent). Some 23 per cent said that their ability to concentrate at school, university or work was affected. Over half of young people surveyed (51 per cent), said that money worries are making them feel anxious about their future.
Unemployed young people are the hardest hit
The situation has hit young people who are unemployed (52 per cent) or working part-time (45 per cent) the hardest, as this group are the most likely to agree that their money worries increased as a result of the pandemic. Unemployed young people (43 per cent) are also far more likely to be worried about having enough money to make ends meet during a typical month than those working (31 per cent).
Young women more worried than men
Young women (46 per cent) are more likely to say than young men (37 per cent) that their money worries increased as a result of the pandemic.
Zoe Bailie, Deputy CEO at The Mix says: ‘Young people have always told The Mix that money is one of their biggest worries and this important new research confirms that this issue has got worse due to the impact of the pandemic.
Zoe adds: ‘The research shows us that a concerning number of young people are uncertain about their futures and struggling with anxiety and depression because of money worries. Through our partnership with Experian, we are able to empower young people with the information and resources they need to help them manage their money and get their finances under control. We urge parents, teachers and employers to share our services with young people and let them know that we’re here to support them with money and their mental health.’
The Mix & Experian partnership
The Mix and Experian want to ensure that all young people have the information they need about money to empower them with the confidence and skills they need for the future. The partnership is collaborating on youth-led resources to offer money management tips, accurate financial advice, and engaging money content.
Young people who are feeling worried about their finances should head to The Mix’s money page, to find support and information and get in touch with The Mix’s free and confidential services to talk about money.
Support for stressed-out employees
Further support is available from MB Associates, as we are offering financial coaching workshops to employees stressed about money. Our financial health experts can visit your company’s premises to offer advice on key financial pillars, including money goals, debt management, buying your first property, preparing for the unexpected and planning for the future. We can also provide coaching workshops via Zoom. You can find more information here or contact Margherita Razza, our financial health coach, by email at firstname.lastname@example.org, or call her directly on 07917 500552.
Source: *All figures, unless otherwise stated, are from YouGov Plc. The total sample size was 2,006 adults. Fieldwork was undertaken between 5th-10th August 2021. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 16-25 years old).