2024’s Mental Health Awareness Week runs from 13 to 19 May. This year, the event’s theme is “Movement: Moving for our mental health”.

A recent survey has found that almost half of UK adults experienced issues with mental and physical health last year, specifically as a result of financial worries.

Expert advice can help to put you back in control of your wealth, giving you confidence and peace of mind.

Keep reading to find out how.

Financial worries are a major concern across the generations

FTAdviser has published the results of a recent report on the nation’s financial health.

The survey’s findings suggest that around half of UK adults are more worried about their finances now than they were when the survey was last conducted, with 15% saying their financial circumstances are causing serious stress and anxiety.

It is the younger generation that appears to be suffering the most. Of respondents aged between 18 and 34, two-thirds (66%) said their mental and physical health was being affected by their finances, with:

• 15% experiencing stress-related conditions
• 13% suffering from depression.

Almost half (46%) confirmed that their physical health was being negatively impacted too, with symptoms including:

• Hair loss
• Weight issues
• An overall sense of ageing.

A report from Close Brothers Asset Management titled ‘Spotlight on UK financial wellbeing’, meanwhile, found that a massive 87% of UK employees had money worries that were affecting their work.

While inflation has been falling since its 41-year high back in 2021, it remains above the Bank of England’s 2% target. This means that prices are still rising more quickly than the central bank would like, and this will continue to strain household budgets this year.

Speaking about your money worries, to a partner, charity, or finance professional could help.

Financial advice can have important non-financial benefits alongside the financial ones

At Expert Wealth, we understand the value of professional advice and the financial benefits it can bring. But we also know that financial gain isn’t the only reason you come to us.

Back in May 2023, FTAdviser confirmed that two-thirds of advisers saw their main role as providing reassurance. We can do this in several ways.

Here are three of them:

1. Building your confidence

It isn’t easy to teach financial confidence but professional advice, especially throughout a long-term working relationship, can help to build it.

Open discussions and jargon-free communication help us to get to know you and understand your financial aspirations. We can then put plans in place to help you achieve these goals, explaining our reasoning at each step.

While you don’t have to take our advice, you will know that you’re in the best position to make an informed decision based on all the available facts.

We have decades of combined experience dealing with investment markets and changing legislation. And through regular reviews, we can share this knowledge with you.

2. Putting you in control

Your long-term financial plan is unique to you and based on your individual circumstances.

While exterior events might cause concern in the short term, it’s important to remember that focusing on your ultimate goal is key. Remember, if your long-term goals haven’t changed, then your plans shouldn’t either.

Equally, if changing priorities or market movements mean that plans do need to be altered, we’ll be on hand to help you make those changes, ensuring you are always in control, both now and in the future.

3. Giving you peace of mind

Regular reviews can help to give you peace of mind that your plans remain on track. But your plan isn’t just about your retirement pot or investment returns.

Protecting yourself and your loved ones is also key, from building and maintaining an emergency fund to paying for life insurance and other protection policies.

These ensure that you and your household can withstand a financial shock, whatever its cause. You’ll also know that your loved ones will be looked after, whatever the future brings.

This peace of mind is invaluable and can make a real difference to your levels of financial stress. In turn, this can help to improve your mental and physical health, this Mental Health Awareness Week and beyond.

Get in touch

If you have any concerns about your financial wellbeing, and its impact on your health, get in touch now. With decades of experience, our Chartered Financial Planners have the expertise to help improve your financial confidence while giving you peace of mind. If you have any questions, please get in touch and speak to us today.

Please note

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.