16/08/2010
As many as nine million pensioners in the UK are sick with money worries with more than two in five suffering anxiety and one in five living in a state of depression as a direct result of their finances.
The findings come from insurer AXA, which also said 22% of those over the age of 65 suffered a lack of concentration and 24% were losing sleep because of stress about their financial situations.
Stress caused by money concerns, dubbed Money Sickness Syndrome, has reached epidemic proportions across all sectors of the nation, with an estimated 42 million adults of all ages suffering from the syndrome.
This is double the number of sufferers of four years ago, when the syndrome was first identified by GP and mental health expert Dr Roger Henderson.
AXA’s latest research revealed that pensioners emerged as among the worst affected, with three-quarters admitting to feeling stressed about their finances - particularly about the cost of living - over the past 12 months and well over half saying their stress had worsened in that time.
About 60% of pensioners blamed the high cost of living for their woes compared to 40% of high-level managers and around 50% of manual workers. Pensioners also believe cost of living will remain the key factor driving their money worries over the next 12 months.
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