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What is the impact of financial stress on families in the UK?

For millions of Brits, financial stress is something they are forced to deal with on a daily basis. With the cost of living at it highest for decades, it’s a real struggle for families to pay their bills and take care of their monthly expenses.

So, what impact is this financial stress having on families in the UK? Here, we’ll look at some of the ways financial troubles are impacting families across the country.

The impact financial troubles have on children

A recent report has revealed that 1 in 4 children living in a debt-ridden household are unhappy in their lives. This means that there are half a million children currently affected by debt.

The report also revealed that the more different types of debts their parents have, the unhappier children are. This is unsurprising given that the more debt parents have, the more stressed they become. This stress is easily picked up by children, especially if they have to witness debt collectors and harassment from numerous creditors.

It’s impact on mental health

Financial stress can play havoc with a family’s mental health. It affects every aspect of life, particularly sleep. When parents can’t sleep properly because of the stress they are under, it ultimately impacts their ability to be a good calm and stable parent.

It’s common for parents to become a lot snappier with their children, as well as potentially even withdrawn. It’s no secret that financial stress can lead to feelings of anxiety and depression. Not being able to take the children for fun days out, or even provide for some of their basic needs, can be devastating on the parents. This can lead to a lot of guilt on top of the stress.

So, anxiety, depression and guilt can be a major issue for families dealing with debts. This in turn can cause burnout, which can then lead to more physical health issues.

How can families overcome financial stress?

While financial troubles can understandably be a major concern, there is help available. No matter how much financial trouble you’ve gotten into, there is always some form of help you can turn to.

Seeking advice from financial advisors can really help to ease your worries. They can help you get to the bottom of the problem, as well as help you identify how to get yourself out of financial difficulties. Facing the problem head on is the first step to eliminating your debt worries.

The impact financial worries can have on families in the UK can be devastating. However, with so many options and help available these days, families don’t have to suffer in silence.

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