Over two fifths (41%) of consumers say they are financially worse off compared to 12 months ago, with families aged between 35 to 44 being the hardest hit (47%), compared to just 30% for those aged 18 to 24.

Meanwhile, 79% say their financial situation is having a negative impact on their mental health, with women feeling this more acutely (87%) compared to men (69%).

For those with adverse credit, the impact is even more pronounced, with nearly all respondents (96%) saying the state of their finances is having a negative impact on their mental health.

Bluestone Mortgages strategy director Ryan Davies says: “As the ongoing cost of living pressures and sticky inflation continue to take their toll, we expect to see a rise in vulnerable customers.”

“This research highlights a clear link between people’s financial situation and their mental health, and so it’s more important than ever that customers are provided with the support they need and deserve to rebuild their financial resilience.”

This research has been released in time with Mental Health Awareness Week, which runs between 13 and 19 May this year. The campaign marks the biggest opportunity for the UK to come together to focus on getting good mental health.

Others in the mortgage industry will also be raising awareness this week.

OSB Group will be bolstering the support offered to colleagues with the addition of domestic abuse awareness training.

Last year, 2.4 million people in the UK experienced domestic abuse.

The Haven, a refuge for women and children, will be providing training for OSB Group colleagues via The Purple Pledge that supports employers to provide a safe, open organisation where employees can recognise, respond and refer to local support.

Earlier on this year, OSB Group also gifted Mental Health First Aid training to Demelza, a Kent-based children’s hospice.

The training included a learning framework to help the charity colleagues to listen without judgement, and signpost available support via both professional and charitable organisations.

The course also covered the importance of a family and friends support network to a person’s mental health journey.

Saffron for Intermediaries head of business development Tony Hall says Mental Health Awareness Week “gives us the opportunity to reflect on the importance of mental well-being within the mortgage industry”.

Hall comments: “Helping borrowers navigate one of the most significant financial decisions of their lives can be extraordinarily rewarding for mortgage professionals, but it is inherently stressful.”

“Particularly in a period of elevated interest rates and higher living costs, lenders and brokers are regularly having to navigate the emotional pressures of helping clients find a solution to finance their home, while also dealing with increasing activity as mortgage rates come down.”

Saffron for Intermediaries  signed the Mortgage Industry Mental Health Charter earlier this year to recognise that the well-being of its employees and other mortgage professionals is “paramount to their success and the overall health of our industry”, Hall explains.

All signatories abide to six governing rules, designed to ensure best practice when dealing with the health and wellbeing of their workforce. All members are required to:

• Develop mental health awareness amongst employees using activities and advocacy
• Encourage open conversations about mental health and the support available to employees who may be struggling
• Provide employees with good working conditions that encourage a healthy work life balance and opportunities for development
• Promote effective people management through line managers and ensure there is a focus on physical and mental wellbeing as well as performance
• Routinely monitor employee mental health and wellbeing through surveys and regular contact with managers
• Have a named contact for mental health support

“It is important that over the course of this week and beyond, the industry continues to work to raise awareness of these issues, and make our industry an enjoyable and rewarding place to work for everyone.”

On Friday, the Bank of Ireland for Intermediaries became the latest lender to sign up to the Mortgage Industry Mental Health Charter.