Those with a mortgage more likely to suffer from mental health problems

Those who have to pay their mortgage each month are at risk of suffering from mental health issues according to recent research.

The research also revealed that this was largely because personal debt heightens the risk of suffering from mental health problems.

The findings published in 'The Relationship Between Mental Well-being And Financial Management Among Older People', found that over-50s were more susceptible to financially-related mental health issues.

According to independent.co.uk, in 2013 bankruptcies among over-65s saw an increase of 470 per cent and the amount of debt also increased for over 55s, who now have 36 per cent more debt than in 2011.

For the report, researchers surveyed nearly 20,000 people and asked them questions regarding their happiness and well-being. Participants were asked about their sleeping habits, day-to-day activities, concentration levels and whether they found decision making easy.

The report also found that those who were divorced, unemployed or female were all more likely to experience mental health problems of some kind.

David Hayes, author of the research and research associate at Bristol University's Personal Finance Research Centre, told dailymail.co.uk that the effect that personal finances have on an individual's mental health is 'staggering'.

Mr Hayes said: “The research proves beyond all doubt how poor mental well-being and poor financial management are inextricably related, and has implications for policy in the fields of health and debt.”