Our recent research into Britain’s spending habits was picked up by the Daily Mail 🎉. Read the article in full here.
Gen Z are confronting significant financial stress, with three-quarters of them admitting they would face a mental breakdown if hit with an unexpected £300 bill, as the Daily Mail reports.
At RiseUp, we conducted this revealing study into financial wellbeing and mental health, “Riding the payday wave: Navigating the highs and lows of our money,” which surveyed 2,027 adults in March 2024. The findings highlight that 40% of young adults aged 16 to 24 experience heightened anxiety and stress after covering basic expenses like rent.
As the Daily Mail reports, 68% of Gen Z, who are at the forefront of the cost of living crisis, feel anxiety in the days leading up to their next paycheck, often embarrassed about their perceived inability to save. Yuval Samet, CEO and co-founder of RiseUp, notes that financial stress takes a significant toll on mental health, with Gen Z being the most affected. This highlights the importance of understanding financial health vs wellbeing.
Our research shows that despite Gen Z investing heavily in wellness products and services, they lack support in financial management. Providing them with the right tools, knowledge, and community support can help them build financial confidence. These benefits are essential for improving overall wellbeing.
According to our report, 38% of respondents are left with less than £100 at the end of each month, leading to constant financial worry. This concern is not unfounded, as 56% admit that money worries significantly impact their mental health. By week three of the pay cycle, 56% report feeling worried and stressed about money, particularly affecting women.
The emotional cycle of payday and financial stress also alters spending habits, fitness routines, and social relationships. The study underscores the need for better financial education, offering tips and strategies to improve financial wellbeing and reduce the mental health burden.
Understanding what financial wellness means to you is crucial. The study underscores the need for better financial education and support to alleviate the mental health burden on young Britons amid the cost of living crisis.
