Adverse credit impacts mental health for nearly half of customers
07 March 2022
The latest Pepper Money Adverse Credit Study has revealed that nearly half (48%) of people with adverse credit say that their current financial position negatively impacts their mental health.
According to the research, the number of people concerned that their current situation is impacting their mental health increased to 57% for those aged between 35 and 44.
When it comes to talking about their finances with friends and family, opinion is divided. Half (50%) of people with adverse credit say they would be uncomfortable talking to someone they know about their finances, while 42% say they would feel comfortable talking to someone they know.
More insights about the mental health of customers with adverse credit are available within the Pepper Money Adverse Credit Study Winter 2021/2022, which is available now at pepper.money.
Paul Adams, Sales Director at Pepper Money, says: “One of the objectives of the Pepper Money Adverse Credit Study is to highlight the impact that someone’s financial situation can have on their mental health, and we should all sit up and take notice that nearly half of people with adverse credit say that their current financial position is negatively impacting their mental health.
“As with many mental health issues, talking can really help. And, in the case of customers with adverse credit, talking with a professional mortgage adviser can help to put their mind at rest and identify the best way to get their finances back on track. Often, taking action to start to resolve any issues can prove a positive step and we are seeing a lot of demand at the moment from customers who are choosing to consolidate and pay down their outstanding debts, either through a remortgage or a second charge mortgage.”
