NEW research has found that more than 50 per cent of British residents say that money has affected their mental health.

With Mental Health Awareness Week taking place this May, new research released by Go.Compare has found that money is a common source of mental upset, with more than half of Brits (54 per cent) saying their financial situation has affected their mental health.

The survey of more than 2,000 Brits found that money is a significant cause of stress, with nearly four in ten people (38 per cent) saying they sometimes feel stressed by their finances, 17 per cent saying they often feel ‘stressed and negatively impacted’, and eight per cent admitting they feel ‘constantly stressed’ about their financial situation.

Matt Sanders, a money spokesperson, fro Go.Compare said: “With the cost-of-living still high and bills continuing to rise across the board, it’s not surprising many are feeling stressed and worried about their finances.

“Our latest research shows that the majority of Brits have felt some level of stress due to their financial situation, which shows that the effect of these rising costs isn’t small or isolated.”

The survey, which quizzed more than 2,000 UK residents about their money worries, found that nearly a third of people (32 per cent) are more worried about their finances now than they were this time last year.

The research also asked those dealing with financial stress which bills are giving them the biggest headaches, and energy bills are at the top of the list.

However, despite worries, there are ways that residents can cut their expenses.

Matt Sanders explained: “Many of the rising costs households are facing are outside of our control, such as the cost of our weekly shop, or how much we spend filling up the tank. However, there are ways to help trim down our expenses.

“When it comes to something like our energy bills, being as energy efficient as possible can help - lower the temperature of your clothes wash, batch-cook where possible to cut down energy use in the kitchen, and if you have a lower off-peak energy cost, make sure you are making the most of it. It’s also important to remember that your energy supplier is obligated to help you if you’re struggling to pay the bills, so reach out to them in the first instance and discuss any issues you are having.

“There are also a number of charities that help if you’re in financial hardship, including National Energy Action, Citizens Advice and National Debt Line. Financial stress is made worse if it is something you are struggling with alone - so we urge anyone who is struggling to make use of resources like these.”