Recent research for wealth manager and Financial Planner Quilter found that 59% of women were concerned about the impact of Covid-19 on their finances compared to 44% of men.

Quilter released details of the research to coincide with Mental Health Awareness Week to encourage more people to talk about their finances

The research, covering just over 1,000 adults and carried out at the end of April, also found a significant difference in age groups.

Women and men aged 30-45 admitted to having sleepless nights about their finances, with 27% saying they were ‘very concerned’ and 36% ‘slightly concerned’ about money.

In contrast, among those aged 75 and over, just 5% were ‘very concerned’ and 15% ‘slightly concerned.’

Quilter says there is a link between financial worries and mental health issues which needs to be tackled.

Quilter cited figures from the Money and Mental Health Institute which revealed that 86% of people with mental health problems said that their financial situation was made worse by their mental health problems.

Jane Goodland, corporate affairs director at Quilter, said: “We know mental health is deeply linked to the state of one’s finances. Living in financial stress can lead to mental health issues problems and those with mental health issues often find it difficult to cope with their finances.

“Our research shows some groups are feeling the current strain more than others, including women and those aged 30 to 45 years-old, who are likely to have young families.” 

• The survey was conducted by Toluna for Quilter between 27-30 April with 1,014 UK adults