Cost-of-Living Crisis: UK worker’s earnings lowest since 2013 ONS finds 

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New research shows this is hitting those with financial dependents hardest, with 1-in-4 Brits now admitting their biggest mental health strain is managing family finances 

Money management experts – HyperJar – reveal how financial burnout is hitting people hardest when the buck stops with them 

  • 25% of Brits say their biggest mental health strain comes from the pressure of being responsible for their family’s finances
  • 11% of Brits feel their children have missed out on experiences because they’re unable to budget effectively
  • 15% of UK adults are concerned they aren’t teaching their kids positive money skills
  • 1-in-5 Brits state the responsibility of financial dependents means their own desires for how to spend money comes last 

As the UK experiences the worst cost-of-living crisis seen in over a generation, households of every type across the nation are feeling the financial pinch. It’s been announced by the Office for National Statistics that the average Brit’s take-home earnings are the lowest they’ve been since 2013, with inflation on track to reach at least 10% by the end of the year. Paired with the rise in government taxes and talks of the economy potentially entering into a recession, consumers are facing an unprecedented decline in their disposable incomes.

The pressure is now on the government to do more to support those hit hardest. From the 14 million unpaid carers and the 3 million single-parent families to the 2 million multi-generational households, Brits who are responsible for their family’s finances are coming under insurmountable pressure to provide the bare necessities whilst also budgeting for fulfilling life experiences. With 43% of the UK population dependent on their loved ones or guardians to remain financially stable, the impact of the current financial climate is impacting both their mental health and financial futures. 

In a new national study from the UK’s most awarded personal finance startup, HyperJar, the cost of financial burnout experienced by UK families has been brought to light. The data has unveiled that 1-in-4 Brits admit their biggest mental health strain comes from the pressure of being responsible for their family’s finances, whilst 1-in-5 Brits state the responsibility of accounting for financial dependents means they’re unable to stretch their own budget for the things that make them happiest. 

With roughly 28 million families across the UK navigating these changes balancing their family’s financial responsibilities with their work-life, now more than ever the pressure to provide is coming to the fore. As the current economic climate continues to cause families to assess their financial futures, HyperJar’s research unveils that 1-in-10 parents in Britain feel their children are missing out on experiences as a result. In addition, 15% of UK adults have expressed concerns that they aren’t teaching their childrenpositive money skills that they can carry with them later in life. 

Key Statistics

  • 25% of Brits say their biggest mental health strain comes from the pressure of being responsible for their family’s finances
  • 20% of Brits state the responsibility of financial dependents means their own desires for how to spend money comes last
  • 15% of UK adults are concerned they aren’t teaching their kids positive money skills
  • 11% of Brits feel that their children have missed out on experiences because they’re unable to budget effectively 

 What HyperJar can do to help

Taking inspiration from the simple saving mechanism of the jam jar, HyperJar provides a visually engaging saving app that empowers users to control their expenditure and reorder how they use their money. From nurturing sensible spending habits for children, to being rewarded for committing expenditure with household name retailers with a 4.8% annual growth rate, HyperJar’s digital Jars represent an easy method for managing personal finances. 
 
Helping Brits get in control again, HyperJar’s simple toolkit of clever tech puts us one step ahead, one jar at a time, helping our reaction to ‘money’ transform from being a trigger of fear, to a source of feeling in charge again. Whether it’s teaching your kids to budget their pocket money, putting a collective jar together to save for your summer holiday, or keeping track of how much you spend on the weekly supermarket shop, HyperJar is here to help you use your money in smarter ways. 
 
HyperJar CEO and founder Mat Megens is able to comment on the following: 

  • How personal finance troubles affect our mental health 
  • How Brits can budget and save more effectively amidst the cost-of-living crisis
  • What HyperJar can do to help those who need support managing their family finances 

Awards and recognition

HyperJar’s innovative product has resulted in the company winning Startup of the Year 2022 and Personal Finance Tech of the Year 2022 at this year’s UK Fintech Awards. It also currently holds the Most Disruptive Payments Technology of the Year and Money Management App of the Year titles from the 2021 Payment Awards. They also took home ‘Best Personal Finance App’ and ‘Innovation of the Year’ at the 2022 British Bank Awards and the award for  ‘Best Payment Industry Newcomer’ at the Card & Payments Awards 2022.
 
The Technical Stuff
HyperJar Limited is a UK-based tech company bringing its money management app to market with an aim to turn saving funds into an easy, digital experience. Money paid into HyperJar accounts is kept in the Bank of England, managed by Modulr FS Limited, an authorised Electronic Money Institution regulated by the Financial Conduct Authority. Modulr is a directly connected participant to the Faster Payments and Bacs schemes.
 
Mastercard, the world’s fastest payment processing network, provides the payment rails for the HyperJar prepaid card. Carta Worldwide receives and processes all the Mastercard transactions. Monavate Ltd, authorised by the Financial Conduct Authority, issues the HyperJar card. TagNitecrest produces the HyperJar Mastercard.

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