One in four over 55s said mortgage worries and the cost-of-living crisis have had a severe impact on their mental health, a survey by Key Later Life Finance has revealed.
As many as 11% of those questioned said they had sought or were considering seeking medical help as they grappled with ‘potentially unaffordable’ increases to monthly mortgage repayments.
Many were also concerned the cost of servicing these higher repayments could hit their standard of living in retirement.
All these concerns meant, said Key, almost all those polled – 87% – had seen their mental health suffer due to the cost-of-living crisis. Only 13% said they are unaffected.
Chris Bibby, managing director at Key, said: “It is concerning that so many over-55s with mortgages are seeing their mental health suffer, and even having to seek professional medical help and counselling to cope.
“The prospect of having to pay for major increases in their monthly mortgage payment while other bills are going up is a huge issue, which can make saving for retirement even harder. And it’s not just those with mortgages who are worried.
“There is a real need for strong solutions for older customers, and the later life lending market is evolving rapidly to meet demand. Over-55s should seek specialist advice on the growing number of product options available to them, which could provide a better outcome than those offered by High Street lenders.”
The survey found, as a consequence of the cost-of-living pressures, 40% of those surveyed were concerned they won’t have enough retirement income, while 36% were stressed that they were spending down savings.
Over one quarter (27%) said they felt like failures because they could not help out family, and 23% worried they were falling into debt with credit cards and loans.
