As Mental Health Awareness Week comes to a close – during which a special emphasis has been placed on tackling loneliness – new research from the UK’s most awarded personal finance app, HyperJar, has found that 1-in-4 (25%) Brits find the pressures of being in charge of financially supporting their families to be the biggest strain on their mental health. In support of this, data from LV= also found that almost 23% of Brits are feeling more isolated as a result of their current financial struggles.
This intrinsic link between money and mental health is echoed by recent findings from the ONS showing that people who were concerned about not being able to save money in the next year were on average 33% more anxious compared to those who were confident they’d be able to save. This is exacerbated by the worst cost-of-living crisis seen in over a generation and is creating an overwhelming sentiment of financial isolation across the country. Amidst a time sensitive pressure to find new ways of budgeting and saving effectively for the months that follow, HyperJar is encouraging Britain to share the burden together.
As with the majority of issues that can make life harder, discussion and support are key allies. The personal finance experts are firm believers in this ethos, aiming to take the hassle out of money management by providing a visually engaging saving and budgeting tool, empowering users to control their expenditure. Crucially, it enables people to connect and share their virtual jam jars with each other – whether that’s for a shared saving target or sticking to monthly budgeting requirements. This is just one of the money management app’s key functions, also enabling users to block certain retailers if there is a need to put stricter controls on their expenditure.
HyperJar CEO and founder Mat Megens acknowledges the difficulties many people face when trying to save, and outlines how the app can help:
“Without tangible benefits and incentives, it’s hard for any of us to get into good habits. With money, there’s just not been a good enough tool to plan ahead sustainably – until now.
“We don’t underestimate the difficulty of living without debt when you’re on a low income. HyperJar is one way to start budgeting and planning ahead that’s properly rewarded, no matter how much you have.
“HyperJar is like a to-do list for our money. It’s a way of seeing what, where and when we spend and to realise the power we have. With HyperJar, it’s this spending power we’re now rewarding customers for.”