Money Anxiety Is On The Up – Here’s How To Protect Your Cash & Your Mind

Six months after the UK first went into lockdown we are now in recession, with the economy in turmoil, the furlough scheme that has kept people paid through the worst of it about to end, and planning for the future seemingly naive. Is it any wonder that our anxiety (particularly financial anxiety) is at its peak?

Experts are warning that economic instability is explicitly causing people's anxiety levels to increase. The pandemic was already having a major effect on mental health: in June, the Office for National Statistics published a study identifying an uptick in anxiety, particularly among those who report feeling lonely and those who are married or in a civil partnership.

The Priory psychotherapist Dr Natasha Bijlani has warned that the faltering economy will continue to cause anxiety levels to rise, adding that job loss and insecurity are a major cause of ill health and anxiety.

These anxieties are understandable and to some extent inescapable but you shouldn't let them make you feel powerless. When you have all the information at your disposal, there are things you can do to gain some peace of mind.

To bring you some of that clarity and a little bit of calm, we asked Tim Perkins, the cofounder and director of the financial wellbeing platform nudge, to weigh in on some of the biggest money anxieties kindly shared with us by our Money Diaries UK Facebook group.

Whether you're worried about getting on the property ladder, job security or managing your rainy day fund, there are steps you can take.