A poll of 2,000 Brits found 70 per cent felt a stigma around needing additional money to get by, believing difficulty is still seen as something to hide rather than talk about (66 per cent).
But the impact goes far beyond finances taking a toll on mental wellbeing, as respondents reported feelings of stress (49 per cent), anxiety (47 per cent) and overwhelm (35 per cent) when faced with money worries.
The research, commissioned by GroceryAid [groceryaid.org.uk/get-help/] for Mental Health Awareness Week, also found the pressure has at times even impacted relationships with friends and family (29 per cent).
While one in 10 were unable to enjoy leisure time or activities due to daily money stress.
Kieran Hemsworth, CEO of the charity which provides relief in tough times for grocery workers and their families by offering free and confidential financial, emotional and practical support, said: “Sometimes the biggest step is reaching out for help, but ‘finance-xiety’ shouldn’t be a taboo.
“Financial worries don’t just affect your bank balance – they can have a real impact on your mental health too.
“No one should feel they have to struggle alone.
“There is support available, and speaking up sooner can make a huge difference, both financially and emotionally.
“Last year we provided £4.6 million in financial grants to help everyone from supermarket workers to delivery drivers and warehouse operators make ends meet.
“If you work in the grocery industry or have done in the past you could be eligible.
“It’s not a handout, it’s the help you have earned.”
The research also found 29 per cent have been in a position where they have asked friends or family for financial assistance purely to afford essentials.
Of these, 57 per cent had needed to ask for help with bills, the food shop (46 per cent), for rent or the mortgage (37 per cent) and insurance (21 per cent).
A further 16 per cent have applied for financial support like a grant to help them get by, and 18 per cent have considered it.
However, 22 per cent said they had not applied for one and ‘would never do this’ showing the stigma runs deeps.
Those who had received financial support admitted they waited an average of nearly three months before accessing it.
And nine per cent had even put it off for more than a year – prolonging financial strain and the associated emotional impact.
Reasons for the delay included feeling too embarrassed (45 per cent), not knowing where to turn (37 per cent), and being too worried about what others would think (36 per cent).
And many simply didn’t know support was available to them (47 per cent), according to OnePoll findings.
Once they had received support, 41 per cent said it made them feel more in control of their situation, it improved their mental wellbeing (38 per cent), and reduced issues at home (32 per cent).
Others shared it increased their sense of stability and security (32 per cent), gave them greater confidence in day-to-day life (30 per cent) and improved their relationships (26 per cent).
And 87 per cent agreed receiving financial support can be a lifeline for people.
Megan Archer-Fox, the ‘fin-influencer’ known as That Girl in Debt, cleared £40,000 of credit card debt and has partnered with GroceryAid to urge others to drop the shame and secrecy to help their wellbeing, said: “Debt used to be the first thing I thought about when I opened my eyes in the morning.
“To everyone else, I appeared happy and successful but in reality, I was desperately struggling to keep my head above water.
“It got to the point where debt was on my mind every day, and affecting every part of my life.
“But I was too upset and ashamed to speak about it to anyone.
“When I eventually started opening up – to my parents, my friends and to others online also struggling with debt – it felt like a weight had been lifted.
“Talking actually helped get rid of that feeling of shame.
“My debt had me in a chokehold for years but when I finally started being honest and speaking out, it lost the power it had over me.
“I realised for the first time that I wasn’t alone – and that I shouldn’t be embarrassed.
“I’d encourage anyone facing financial difficulties to reach out for support early – talk to friends, family or charities like GroceryAid.
“You should never feel ashamed for asking for help.”
