Almost one in five people who recently accessed private healthcare used a credit card or personal loan to pay for treatment, research from The Exeter has found.

The insurer’s Consumer Health and Finance Tracker showed 19% of private healthcare users borrowed to meet the cost, while 40% paid from their income or savings.

Just under a quarter (24%) funded their treatment through an insurance policy.

Borrowing was most common among those aged between 25 and 34, with 13% taking out a loan to cover healthcare costs, compared with 3% of people aged 55 and over.

GENDER IMBALANCE

Men were also more likely to borrow than women, with 23% using credit cards or personal loans compared with 15% of female respondents.

The Exeter said the findings were particularly concerning given that 21% of UK workers saved nothing each month, leaving them with limited capacity to meet unexpected treatment costs.

The research found that 60% of 18 to 34-year-olds had used private healthcare during the previous six months. However, only 13% of UK workers had private health insurance.

Meanwhile, 49% of UK adults expected NHS waiting times to increase and 33% lacked confidence that their healthcare needs would be met.

“Managing your health and managing your finances are closely linked.”

Karen Woodley, head of healthcare distribution at The Exeter, said: “Seeing people take their health seriously and seek out private treatment when they need it is a positive thing. What’s concerning is when the cost of being proactive means taking on debt or draining savings at a time when you are already dealing with illness or injury.

“Managing your health and managing your finances are closely linked, and the two can quickly pull in opposite directions when an unexpected health need arises without a plan in place.”

WELLBEING IMPACT

Dawn Prescott, head of healthcare proposition at The Exeter, added: “It’s clear from the data that we’re still underestimating how deeply healthcare-related financial pressures affect emotional wellbeing. One in seven people say their finances have negatively affected their mental health, and nearly one in ten say the same about difficulties accessing healthcare.

“When people are worried about how they’ll pay for treatment, or whether they’ll be able to access the care they need at all, it creates an additional layer of stress at an already difficult time. Having access to healthcare can provide reassurance, certainty and a greater sense of control when facing ill health.

“That’s why affordable healthcare options are so important. Everyone should have the opportunity to access support that meets their needs and budget, helping to reduce financial anxiety and ensuring concerns about cost don’t become a barrier to seeking care when it’s needed most.”