Third of young Brits do not feel financially secure in current Covid-19 climate

"A chat over a cuppa is an amazingly powerful thing.

"OK, it’s not going to clear a debt or magic up that deposit for a house you’ve been working so hard for, but it’s a starting point to dealing with your financial problems and the huge anxiety they can bring.

"We know from our own research how much young people have been hit both financially and emotionally by the pandemic.

"Our research through YouGov found that nearly a third (31%) of 18 to 24-year-olds said they didn’t feel financially secure or have enough money to live comfortably and afford essential payments like groceries, rent payments and utility bills.

"And despite feeling financially insecure, 53% said they would feel embarrassed having to ask their parents or close family member to borrow any amount of money.

"The onset of the Covid-19 pandemic has brought additional concerns as the survey also revealed younger generations are more likely to feel the pressure to misrepresent their financial position. A quarter (26%) of those aged 18-24 in the survey said they have made themselves appear more financially secure to their family and friends.

"Worryingly, the younger generation is the most likely to experience impacts on their mental health with nearly a third (31%) of those aged 18-24 saying they often feel anxious or depressed when they think about their financial situation. Almost half (48%) said they don’t speak to family about their finances in fear of being judged.

"And that is why that cuppa is so important.

"We know how tough the pandemic has been on young people. The jobs market has changed dramatically, contracting so that many of the opportunities that were there no longer exist. And for others the whole experience of college and university has been thrown into disarray.

"Fundamentally, that’s meant that life isn’t working out as many young people will have planned and worked so hard for, and that can leave you feeling rudderless if you do not have those life moments to work your way through.

"Psychotherapist Kelly Hearn, an accredited UK Council for Psychotherapy member reviewed our findings and said that often people suffer in silence which only compounds the issue.

“She said: 'A vicious cycle emerges where financial stress causes mental stress which affects physical health as well, particularly when coping mechanisms like binge drinking or eating are enacted. Financial anxieties affect most of us and yet are rarely discussed. It is time to address the taboo subject of money more openly as financial wellbeing is an important pillar of mental and physical health.”

"So, it really is time to boil that kettle and start a conversation with someone you trust. And that can be someone at your local bank. At NatWest we’re trying to help people through the launch of our Financial Flex campaign, which aims to encourage Brits – especially younger generations – to start talking more openly and honestly about their finances to combat the growing worries around money.

"Our free Financial Health Checks are a great place to start, and you don’t need to be a customer with NatWest to get one or even visit a bank. With one of NatWest’s senior personal banking team we review your personal finances via video, in branch or phone, focusing on your needs and goals to help you improve your finances now and in the future.

"Importantly, they help improve your financial wellbeing and that means supporting your mental health too, by allowing you to take control of your finances from everyday saving and spending or dealing with debt.

"Support is there and you shouldn’t suffer in silence. Banks like NatWest are not there to judge you, but to help you get the advice and support you need. Start your conversation today and take that first step forward because there really are people there who’d love to join you for that cuppa and a chat."

Visit https://personal.natwest.com/personal/financial-health-check.html for more information about NatWest’s free financial health checks.