Hard-pressed Britons, particularly younger ones, are struggling to cope mentally with rising bills, new research from the Personal Finance Society (PFS) has revealed today.

More than one in four people have experienced feelings of depression as a result of financial concerns.

The figures have been released today to coincide with the first day of the two-day PFS Festival of Financial Planning, the biggest gathering of its kind, taking place at the NEC in Birmingham.

The survey, conducted by Deltapoll, exposes a deep generational divide, with three-quarters of 25-34 year olds experiencing anxiety over rising bills, compared to only a quarter of over 65s.

Nearly four times as many Millennials are worried about housing costs than older Baby Boomers.

The research also revealed that the cost of living crisis is encouraging Brits to say no to nights out, with nearly half staying home more than usual in an effort to save money.

Meanwhile Britons are buying fewer takeaways (43%) and fewer clothes (39%), meaning both the high street and the gig economy are being hit.

One-fifth of people also said they were eating less healthily in an effort to reduce costs, with rising bills risking triggering a worsening public health crisis.

Caroline Stuart, President of the Personal Finance Society, said: “This poll shows that the British people are struggling to cope not just financially, but mentally with rising bills. More people are experiencing depression and anxiety whilst eating less healthily and going out less.”

She warned that there was now a risk of the cost of living crisis turning into a public health crisis too but she believes Financial Planners can help.

A third of those surveyed felt professional Financial Planning would be helpful to them in tackling the cost-of-living crisis.

She added: “At a time when anxieties are running high, professional Financial Planners can help people manage and organise their finances in a way which can weather the storm, ease the burden, take back control of their money and plan for the future.”

The poll also revealed that, despite the government’s Energy Support Scheme, energy bills were still the aspect of household finances Britons are most concerned about.

Ms Stuart said: “Most UK households will experience some financial pain, which is sadly unavoidable. However, finding a trusted, professional Financial Planner can help people invest for the future and achieve their long-term money goals.”

• On behalf of the Personal Finance Society Deltapoll interviewed 1,533 British adults online between 21–23 October 2022.

• The Personal Finance Society Festival of Financial Planning is taking place from today over 1– 2 November at Birmingham’s NEC Arena and is the biggest Financial Planning event of its kind. Nearly 2,500 have registered to attend. Check back with Financial Planning Today for more coverage.