New research from the Vulnerability Registration Service (VRS) has shown that, in the last 12 months, one third (33%) of UK adults who were already vulnerable have seen their mental health deteriorate further.
The service says this is affecting sufferers’ ability to manage financial matters.
The cost-of-living crisis is most likely the biggest driver of recent distress, with 30% of respondents to the VRS survey saying they are struggling to cope with their finances and managing their money; while 29% of vulnerable adults have seen a decrease in their income.
27% of vulnerable adults have admitted that they are now in financial distress and struggling to keep on top of payments, while 26% have experienced further mental distress after being chasing for missed payments or debt.
In the last 12 months, 12% of vulnerable people have sought debt advice or finance support.
People with mental health and debt issues are often reluctant to talk to their providers about their circumstances, often until it’s too late, according to the VRS.
It adds that it is also “very distressing” for people to keep explaining their circumstances to multiple organisations; and they often find themselves “passed from pillar to post” to try and talk to the right person.
The Vulnerability Registration Service is a not-for-profit company providing the UK’s first central vulnerability database.
More from the Vulnerability Registration Service:
- ‘Extreme misery’ for vulnerable people forced to turn to loan sharks
- Vulnerable people ‘most likely’ to be moved onto pricey prepayment meters
Image credit: fizkes/Shutterstock
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