Bluestone Mortgages has published research during this Mental Health Awareness Week to highlight the ongoing cost of living crisis and sticky inflation are impacting consumers’ financial and mental health.

41% of consumers say they are financially worse off compared to 12 months ago, with families between aged 35-44 being the hardest hit (47%), compared to just 30% for those aged 18-24.

According to the research, the state of the nation’s finances is proving detrimental to mental health. 79% say their financial situation is having a negative impact on their mental health, with women feeling this more acutely (87%), than men (69%). For those with adverse credit, the impact is even more pronounced, with nearly all respondents (96%) saying the state of their finances is having a negative impact on their mental health.

Ryan Davies (pictured), strategy director at Bluestone Mortgages, said: “As the ongoing cost of living pressures and sticky inflation continue to take their toll, we expect to see a rise in vulnerable customers. This research highlights a clear link between people’s financial situation and their mental health, and so it’s more important than ever that customers are provided with the support they need and deserve to rebuild their financial resilience.

“The best thing customers can do is seek support from a mortgage lender or speak with a broker to understand the tailored options available to suit their circumstances. It’s our responsibility as an industry to help these customers during these challenging times and support them in their homeownership goals.”