Research published today from the COSMO Study reveals the impact of financial insecurity on mental health. According to the research, 82% of parents who report financial struggles are at high risk of psychological distress, and over half (53%) of young people report the same. Parents reporting financial struggles are four times as likely to report poor mental health than those who are living comfortably.
The COSMO (COVID Social Mobility and Opportunities) study is led jointly by the UCL Centre for Education Policy and Equalising Opportunities (CEPEO), the UCL Centre for Longitudinal Studies, and the Sutton Trust. The largest study of its kind, COSMO is tracking the lives of a cohort of 13,000 young people in England who are taking A Level exams and other qualifications in 2023. It is funded by the Economic and Social Research Council (ESRC) as part of UK Research and Innovation’s rapid response to COVID-19. The new briefing released today, Financial Inequalities and the pandemic, outlines how family finances have changed since the pandemic.
The study finds that rates of poor mental health were particularly high for those whose financial situation has worsened since the pandemic. Nearly two-thirds (63%) of parents and over half (53%) of young people who started using foodbanks during the pandemic reported poor mental health, compared to 33% of parents and 41% of young people who had not.
