AXA - Be Life Confident

It’s official, money really does worry us sick

• 43% of people have experienced Money Sickness Syndrome symptoms
• 3.8m people admit money worries have caused them to take time off work
• More than 10.76m people suffer relationship problems because of money worries, with almost one in five complaining of a sex life slump

Money worries are a significant cause of worry, anxiety and stress according to GP and leading mental health expert, Dr Roger Henderson, who today publishes a paper identifying the condition Money Sickness Syndrome (MSS). Almost half (43%) of the UK adult population is affected by money worries and have experienced MSS symptoms, and in support of the work Dr Henderson has done AXA has conducted national research* to explore the extent of the problem and better understand its implications.

Dr Henderson has identified the condition, Money Sickness Syndrome, to refer to the symptoms of stress arising from the anxiety generated by feelings of poor financial understanding or control of personal finances.

According to Dr Henderson, the symptoms of MSS include palpitations, shortness of breath and headaches, a ‘tight’ feeling in the stomach, nausea and diarrhoea, indigestion, a lack of appetite and poor sleep. As well as these physical symptoms, psychological symptoms include irritability and mood swings, general nervousness, poor concentration and forgetfulness, poor judgement and decision-making and negative thoughts. People with the symptoms of Money Sickness Syndrome have been identified in AXA Avenue - the unique 12 month financial social experiment which began in Brighton in November 2005.

Dr Henderson says, “Money worries can cause significant problems in relationships, and people who suffer as a result are often in worse health than those who are in control of their finances.”

AXA's national study found that money problems have adversely affected the personal relationships of almost one in four (23%) of adults in Britain. Of those,

• 19% say they have experienced a loss of libido because of money worries, with women being more than twice as likely to let financial problems affect their sex life as men.
• 26% of adults who let money problems adversely affect their relationships have admitted that money worries make them spend less quality time with their children.
• 37% spend less quality time with their partners.
• 50% have more arguments and a shorter temper when they are worried about money.

Dr Henderson's report argues that people at all income levels experience Money Sickness Syndrome but it affects different people in different ways. For some, the day-to-day pressure of making ends meet is the foremost source of concern. For others, it's the longer-term pressure of amassing the very large sums of money needed to pay for an extended jobless stretch or for retirement.

Sufferers of Money Sickness Syndrome have been identified in AXA Avenue. Ben Cox, one of the participants, commented: “I worry about money at least once or twice a week. I find myself running out of money towards the end of the month, and I'm always worrying about when the next bill is going to come through. My relationships suffer as I am short tempered and irritable, and my sleep is often interrupted. I admit I drink a little more than usual when I'm worrying about my finances and the stress has even caused me to take time off from work to try to get my head around my money worries.”

Dr Henderson commented: “Ben's feelings and experiences about money are typical symptoms of Money Sickness Syndrome. The worry and anxiety caused by the feeling of having a total lack of control over your finances can put great stress on your health and well-being. People like Ben need to learn to overcome the feeling of helplessness by taking control; the key to dealing with MSS is to have a plan of action that reduces the burden of debt and in doing so helps to reduce the physical and psychological symptoms it causes.”

Money Sickness Syndrome, as with other illnesses, can lead to sickness absence and poor performance at work. According to the national research, 34% of those who are affected by money worries agree that it adversely affects their performance at work and 19% agree it leads to absence from work.

Darrin Nightingale of AXA, says: “With the publication of this report comes the recognition that money worries, and a lack of financial understanding and know-how, are causing millions of people a great deal of worry, anxiety and stress that is adversely affecting their health. With AXA Avenue we are committed to exploring the possibility that financial education can help improve people's well being and, in turn, go some way to help relieve the symptoms of MSS as highlighted in Dr Henderson's report.”

Dr Henderson concludes: “A quarter of people in debt are receiving treatment for stress, depression and anxiety from their GP. Based on what I see in my surgery every day, I believe a financial education programme can only have beneficial results when allied to sound independent financial advice.”

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For a copy of the full Money Sickness Syndrome report please go to www.axa.co.uk/avenue