Friday was a good day for our Breathing Space service – the sun was shining and we unveiled a new Breathing Space bench in Dunbar!
The ‘Take some Breathing Space’ bench initiative is designed to be physical reminders for people to pause, reflect, and find comfort. Breathing Space benches are dotted all over Scotland, with the latest being unveiled in Dunbar train station in East Lothian.
Our Breathing Space team work in partnership with organisations, charities, and local groups to secure sites for new benches. The Dunbar bench was installed with support from Samaritans, Scotland’s Railway, and Dunbar Rotary.
Managed by NHS 24, Breathing Space is a free and confidential phone service for anyone in Scotland over the age of 16 experiencing low mood, depression, or anxiety.
Breathing Space National Coordinator, Tony McLaren, explains why the benches are important symbols to prioritise mental health: “We’re proud to work alongside other mental health champions such as Samaritans and Scotland’s Railway to promote mental well-being within communities throughout Scotland.
“The installation of our newest Breathing Space Bench at Dunbar Train Station will serve as a powerful reminder to everyone that taking time to think, reflect, and chat about mental health is essential, especially during life’s busy moments.”
Fidra is set to help Edinburgh pupils reduce anxiety levels and will be on hand to help around the upcoming exam period
Therapy dogs in schools are working wonders across Scotland – not least at Fettes College.
The Edinburgh school recently introduced its first four-legged member of staff, who took up a new role at the beginning of the summer term to help improve student wellbeing and reduce anxiety levels.
Two-year-old Fidra is no stranger to Fettes College, having grown up with over 50 girls in the school’s College West Boarding House. She recently qualified as a therapy dog after being assessed by Therapet®, which is run by Canine Concern Scotland Trust.
Therapet® is a voluntary service that allows assessed and registered dogs and owners to provide pet therapy to places including hospitals, care homes, hospices, and schools. Studies have shown that therapy dogs help humans to release endorphins – the happy hormone – and so can reduce stress and anxiety levels.
As well as providing emotional support, therapy dogs also help schoolchildren build confidence with activities like reading and speaking in front of their classmates.
Mel Hughes, Chief Executive Officer, Canine Concern Scotland:“Our Therapets® have been supporting people around Scotland for 36 years, so the benefits of human and animal interaction are not new and can be positively lifechanging.
“Central to the visits is the wellbeing of each Therapet® and we have strict policies in place to ensure that our Therapets® do not become over-tired or stressed, particularly in busy school environments.
“Fidra has a unique knowledge and love of the school, and we’re looking forward to hearing how her visits progress and the benefit that the school community receives from these visits.”
Sue Bruce, Head of Wellbeing at Fettes College, said:“Research has shown the endless benefits of therapy animals in educational settings. Dogs are excellent listeners, which is a huge help when it comes to building up confidence in young people.”
Fidra will support students in both Fettes’ Prep and Senior school. As well as helping teach students about caring for animals, Fidra will be available for walks in Fettes’ grounds, and will also be on hand in the medical centre and in the classroom to provide support.
Fettes College student, Isla H, said: “Fidra is an enthusiastic and loveable dog, so I’m never scared to go up and play with her.
“She always looks like she has a little smile on her face, and she is so welcoming.”
Sue continued:“With her calming presence and affectionate nature, we’re sure Fidra will serve as a valuable resource in promoting emotional wellness among students and staff, provided her favourite treat – sausages – are in abundance.”
New scientific research reveals reduction in anxiety of almost 10% and improvements in mental wellbeing when taking part in the Big Butterfly Count
The first-of-its-kind study also shows citizen science activities can connect people with nature, a vital step towards conservation success and nature recovery
Leading wildlife charity, Butterfly Conservation, has today revealed that counting butterflies reduces anxiety by almost 10%, in new scientific research published in collaboration with the University of Derby.
The pioneering study involved surveying people taking part in Butterfly Conservation’s Big Butterfly Count in 2022. The results demonstrate that briefly tuning into nature to count butterflies reduces anxiety by 9% on average, while also enhancing mental wellbeing.
Researchers also found that spending just 15 minutes observing and counting butterflies boosted participants’ feeling of connectedness with nature. Noticing butterflies more often was sustained over 6-7 weeks after taking part.
How connected people feel to nature, known as nature connectedness, is directly correlated to how motivated they are to protect it. Therefore, the findings of this new study show that citizen science projects could play a vital role in nature’s recovery.
Dr Richard Fox, Head of Science at Butterfly Conservation, said: “While we have long known that there is a link between nature and human wellbeing, this study is the first to prove that the simple act of looking for and counting butterflies leads to a measurable decrease in anxiety.
“The results suggest that citizen science projects such as the Big Butterfly Count can play a part in improving people’s mental health, as well as gathering important data on how butterflies are faring to inform our conservation work.”
Dr Carly Butler, a Researcher in Nature Connectedness at the University of Derby and lead researcher on the study, said: “Our study showed that even small periods of time spent watching and counting butterflies are beneficial, with the benefits of reduced anxiety and stronger nature connectedness being the same whether people carried out just one 15-minute count or took part multiple times.
“This is key in proving that simple, small pockets of time connecting with wildlife and nature have a profound and beneficial effect on how we feel.”
Participants reported a range of positive and negative emotions, including joy, fascination, sadness, and concern; the latter driven by not seeing as many butterflies as they expected and fear over what is happening to our planet.
Carly added: “Interestingly, the more intensely participants felt these emotions, the more their feeling of closeness to nature and noticing wildlife increased afterwards, with participants reporting they felt motivated to help butterflies and nature more, by doing things such as transforming their gardens into butterfly-friendly havens.”
In conclusion, Dr Richard Fox said: “In order to save wildlife and ensure nature’s recovery we need people to care, and we know that being connected to nature sparks these caring feelings and a desire to do something positive.
“This study indisputably shows that citizen science activities, such as spending just a few minutes counting butterflies, makes people feel more connected to nature – a vital step in the battle to save wildlife.
“We’re at a tipping point, nature is in crisis, but we can all do something to help. Simple acts such as creating wild spaces to provide a haven for wildlife, or planting butterfly friendly plants in pots on a patio, terrace or balcony can have a positive impact.”
The Big Butterfly Count is Butterfly Conservation’s flagship citizen science activity, involving tens of thousands of participants across the UK spending 15 minutes in any sunny spot and recording the number and type of common butterflies and day-flying moths that they see.
This year’s Big Butterfly Count will take place from Friday 12 July – Sunday 4 August.
More than nine in 10 tradespeople say they or someone they know have been victims of theft
Research shows 88% of those surveyed are concerned about the ongoing issue
Almost a third of tradespeople admit the fear of theft contributes to negative mental health
60% in the industry do not believe mental health is spoken about openly
NFU Mutual is a proud supporter of Samaritans, whose volunteers offer emotional support to anyone who is struggling
More than nine in 10 tradespeople have been targeted by criminals as the fear of theft and violence puts a strain on the industry, alarming stats reveal.
New research* from commercial insurer NFU Mutual found that more than nine in 10 tradespeople (92%) say they or someone they know have been a victim of theft.
In the last 12 months alone, 53% of those surveyed said they had experienced tool or equipment theft, just shy of half had materials pinched, almost three in 10 had a vehicle stolen and 23% were victims of organised crime.
And those figures clearly weigh heavily on those in the industry, with almost a third of tradespeople (29%) admitting that the fear of theft and violence on their business contributes towards difficulties with mental health.
The rising cost of living (42%), financial worries (41%), stress of the job (39%), long hours (35%) and a lack of regular work (33%) were the other factors.
With almost nine in 10 tradespeople concerned about the threat of their equipment being stolen, NFU Mutual is urging workers to remain vigilant.
Zoe Knight, Commercial Specialist at NFU Mutual, said: “Theft of tradespeople’s tools or equipment continues to blight the industry and the fact 92% of people surveyed say they – or someone they know – have been a victim speaks volumes.
“Tradespeople rely on this equipment for their income and livelihood, with crime hitting not just their pocket but, as our research shows, also having a huge and negative impact on their mental health.
“To see a third of tradespeople fearing theft or violence in their day-to-day job is worrying and we would urge tradespeople to do all they can to offput the threat of that happening – via security measures and recording serial numbers of equipment.
“We want tradespeople to feel supported and protected should the worst happen and know there is also help available for those struggling.”
A report by Builders Merchants News* revealed in December that texts to a construction charity helpline had seen an increase of 105% after the launch of an initiative to take the mental health message across the UK.
That could pave the way for more open conversations, with NFU Mutual’s survey showing that more than half of respondents believe that mental health isn’t spoken about openly in the trades industry.
While more than three-quarters of tradespeople did say they were confident or fairly confident they would know where to go for support if they were struggling, worryingly, almost four in 10 (36%) said it is unlikely they would seek help if they had mental health problems.
Commercial insurer NFU Mutual is a proud supporter of Samaritans, a charity which offers round the clock emotional support to anyone struggling to cope.
Jason Jaspal, Assistant Director of Business Development at Samaritans, added: “Samaritans offers a listening ear and a safe space to share how you’re feeling 24 hours a day, 365 days a year.
“It’s vital that tradespeople reach out for support when they are finding life tough, rather than letting things build up and potentially reaching a crisis point. It doesn’t matter what they’re finding challenging, Samaritans is here so they don’t have to face things alone.”
NFU Mutual Risk Management Services is sharing the following advice to tradespeople:
Minimise storage of tools and equipment in vans: a robust, lockable building is preferable. Consider intruder alarms for high value equipment.
If you have to leave tools and equipment in a van, make sure it’s alarmed and, as a minimum, park against a wall so that doors cannot be opened easily.
Don’t make it easy for thieves to guess that equipment is kept inside (a van or a building) e.g. by leaving items on display and leaving tools around which may assist an intruder.
Store portable items within a robust, lockable store that is fixed in place.
Restrict and control vehicular access to the work site.
Consider video security system (temporary systems and temporary intruder alarm systems are available for site use).
Security mark your tools and equipment (e.g. forensic, engraving or permanent marking) to deter thieves and aid recovery.
Don’t stockpile high value materials such as lead and copper or leave them around for longer than necessary.
For construction vehicles use CESAR marking, tracking and immobilisation to prevent and trace thieves.
Check all locks and security measures before leaving any site e.g. alarms switched on, cameras facing the right direction and security lights working.
Daylight is a free app for people living in Scotland. It’s designed to help people who are experiencing symptoms of worry and anxiety. Try it out by going to
Leading homebuilders have unveiled two new Breathing Space benches at a development in Edinburgh
Cala Homes (East) has installed a bench at the Cammo Meadows development to help boost mental health awareness, providing a space for locals and residents to take some time out of their day for a quiet moment of reflection.
A second bench has been installed by David Wilson Homes East Scotland who, alongside Cala Homes (East), have jointly funded the benches.
Cala Homes (East) has placed its bench in a quiet corner, at the western edge of the development, beside a local woodland walk and cycle path to provide picturesque views of the historic Cammo Estate.
An inscribed plaque will clearly display contact information for Breathing Space, a free telephone service which aims to help those in Scotland who are experiencing anxiety, stress or feeling low.
Peter McNamara Site Manager at Cala Homes’ (East) Cammo Meadows development, said: “We are delighted to unveil this Breathing Space bench at Cammo Meadows. The bench will act as a reminder that mental health is just as important as physical health, and we hope that residents use it for moments of peaceful reflection.
Tony McLaren, National Co-ordinator for Breathing Space, said: “The benches we have installed help the spread of positivity, as well as encouraging people to reach out to those who need it most. By adding the plaque with our phone number, we hope to make more people aware of the helpline which is available on weekday evenings and 24 hours at weekends. Those looking to speak to a Breathing Space advisor can call 0800 83 85 87.
“We hope the residents and the whole community at Cammo Meadows and surrounding area are able to enjoy the bench, in this serene and calm setting, and that it has a positive impact on the local community.”
Anne Ross, sales director at David Wilson Homes East Scotland, part of Barratt Developments Scotland, said: “The new Breathing Space bench at our Cammo Meadows development is a welcome addition to the site, providing a space for the local community to relax and find a moment of calm amidst busy schedules.
“Residents and locals experiencing anxiety, stress or who are feeling low can also find contact details for a free telephone service on each bench’s plaque. It might not seem much, but these two small corners of calm are a positive step in supporting and shifting the stigma surrounding mental health.”
Students getting their exam results today should be very proud of their achievements, Education Secretary Jenny Gilruth has said, with pass rates remaining above pre-pandemic levels.
Data published by the Scottish Qualifications Authority (SQA) showed the overall pass rate for National 5, Highers and Advanced Highers has increased from the 2019 pre-pandemic level, with a record number of passes in an exam year achieved at National 5.
The number of vocational and technical qualifications achieved has also grown to a record high this year – with more than 72,000 qualifications awarded in 2023, an increase of 12.3% from 2022.
The poverty-related attainment gap remains narrower than it was in 2019 across National 5s, Highers and Advanced Highers.
Education Secretary Jenny Gilruth said: “I want to offer my congratulations to all of you who have worked so hard and demonstrated so much resilience not just this year but over the course of your studies. Today is all about celebrating your achievements and you should be incredibly proud of all you have accomplished.
“I would also like to send my sincere thanks and gratitude for the continued dedication and commitment of those in our education system – thank you to all of Scotland’s teachers, lecturers, support staff as well as parents and carers for supporting our young people.
“There is much to celebrate in what is another strong set of results showing a clear and continuing recovery from the pandemic – with pass rates at National 5, Higher and Advanced Higher above the 2019 pre-pandemic level, a record number of passes at National 5 and the highest number of vocational and technical qualifications ever awarded.
“While we know that the pandemic has disproportionately impacted young people from more disadvantaged backgrounds, these results show that the gap in attainment levels between the least and most deprived areas remains narrower than it was in 2019. We are determined to build on the progress that has been made and we are investing a record £1 billion in the Scottish Attainment Challenge during this parliamentary term.
“For those who don’t get the results they were looking for, a free and direct appeals service will give all young people the right to request a review of their marked exam papers or coursework for their National 5, Higher and Advanced Higher results this year. Additionally, as you consider your next steps there is help available to guide you.
“The Skills Development Scotland Careers Helpline can offer practical information and careers advice as well as support for wellbeing. The SQA helpline is also open and can help students and their families with queries relating to the Scottish Qualifications Certificates.”
As exam results arrive this morning students are being assured that things may not be as bad as they seem – and that help and advice is at hand:
Adeniyi Alade, Service Head Helplines (Childline), Scotland, said: “At Childline we know that results day and the period running up to it can be a really stressful time for young people and it is vital they feel supported and listened to.
“Young people often tell us they are worried they will get lower grades than they need to get into their preferred course or University, and they feel anxious and unsettled because it’s out of their control.
“Often, they have high expectations for themselves, or they feel their family is putting them under pressure to perform well.
“Some young people think their whole future depends on these results and this is their last chance to get into the further education course of their choice, or an apprenticeship that they have applied for. But it is important they know there are many options, whatever their grades are.
“It’s possible the young person could appeal their results or resit their exams the following year. They could also look at alternative courses or universities through clearing, and there’s the option of taking a gap year. Speaking to a teacher could be very helpful in assisting a young person to decide on which is the best option to take.
“If any young person is feeling apprehensive and worried about their results, I’d urge them to talk to someone about it.
“It can be very upsetting for a young person not to get the grades they had hoped for or expected, and it can affect their confidence. But it’s important for them to know that many others are going through the same thing and there are a range of options to explore.
“There are also lots of trusted adults they can turn to for help and support, whether that’s a teacher, careers advisor, parent, carer or Childline.
“Every year our specially trained counsellors carry out counselling sessions with hundreds of children across the UK who are worried about their exams and results. They listen to the young person’s concerns, offer advice about dealing with anxiety and help explore the different options available for those who don’t get their desired results.
“The conversation is confidential and no worry is ever too small.”
One student said: “It’s my first results day this week and I’m so nervous. I don’t want to let my parents down. They push me so hard to study and excel that I can’t even imagine how they’ll react if I get bad grades.
“I worry everyone at school will see me as a failure. I try to distract myself but when I remember results day is coming, I’m overwhelmed by anxiety and fear. I just wish someone would tell me it’ll all be ok.“ (Gender unknown, aged 16, from Scotland)
Another explaned: “I don’t know what will be of me if I don’t do well on my exams. I feel so stupid I didn’t prepare enough for them.
“My parents told me I shouldn’t stress too much, but I can feel the pressure since my siblings all did super well in their exams and are off to great careers. I didn’t have a good night sleep in over a week, and I worry I may pass out when the results are out.” (Girl, aged 16, from Scotland)
Young people under the age of 19 can get free, confidential support and advice from Childline at www.childline.org.uk or by calling 0800 1111 for free.
Top Italian American restaurant Frankie & Benny’s is giving away FREE pizza and Coke Zero to students celebrating their Scottish Highers results.
No matter what your exam grades are Frankie & Benny’s, the ultimate family friendly restaurant, will help you celebrate your hard work.
This offer entitles guests on Tuesday August 8 results day who show their exam results to a member of staff to a free Margarita Pizza (Vegan & Gluten Free Available) and a regular Coke (Coke Zero, Regular Coke, Diet Coke).
The free meal offer is available on August 8 in Scotland only and additional pizza toppings can be bought from the menu. There are no catches, you don’t have to buy anything just come in and celebrate with Frankie & Benny’s.
Frankie & Benny’s Marketing Director, Andreia Harwood, said: “We recognise that the cost of living crisis is hard on us all but we wanted to make sure our hard working students can celebrate their exam results day on us. This summer has all been about our customers still being able to enjoy great meals out with the family particularly over the summer months when kids are at home and we look for treats to entertain them.
“The summer savings and the exam results FREE offers are all about Frankie & Benny’s putting our customers at the forefront of everything we do and making sure they can have an amazing summer.”
This summer, Frankie & Benny’s, the popular Italian restaurant, want families and friends to enjoy meals out on a budget and have announced a series of summer saving meal deals
The deals were introduced to help families facing the cost of living crisis.
Frankie & Benny’s is offering two ‘always on’ summer promotion offers which are available now and until the end of August.
The first is a weekday offer available Monday to Friday after 7pm allowing guests to have two main courses of pizza, burgers and or pasta dishes for just £20. This will give a saving of up to £15.
Main courses available include the double bacon cheeseburger with fries, and the creamy chicken and ‘nduja fettucine- both solid favourites with Frankie & Benny fans.
The second deal is designed for family and friends dining out at the weekend. Throughout the summer Frankie & Benny’s is offering two for the price of one main meals all day Sunday, saving up to £21.90!
Dishes include the New York BBQ chicken loaded up with bacon, cheese, onion rings and fries, as well the classic Mac & Cheese (with, or without, bacon!).
Mexican favourite Chiquito is putting the fiesta fun in results day by giving away FREE Garlic Tortilla Bread and Coke Zero to students celebrating their Scottish Highers.
No matter what your exam grades are Chiquito, known for delicious food and tasty cocktails, will help you celebrate your hard work.
This offer entitles guests on Tuesday August 8 results day who show their exam results to a member of staff to get a free portion of Garlic Tortilla Bread and a regular Coke (Coke Zero, Regular Coke, Diet Coke).
The free meal offer is available on August 8 in Scotland only and additional dishes can be bought from the menu. There are no catches, you don’t have to buy anything just come in and have fun with Chiquito.
Chiquito Marketing Director, Andreia Harwood, said: “We recognise that the cost of living crisis is hard on us all but we wanted to make sure our hard working students can celebrate their exam results day on us.
“This summer has all been about our customers still being able to enjoy great meals out with the family and friends. The summer savings and the exam results FREE offers are all about Chiquito putting our customers at the forefront of everything we do and making sure they can have an amazing summer.”
This summer Chiquito has helped families and friends with a series of super saving meal deals.
Chiquito, which has been delivering the best of Mexican cuisine for over 30 years, has two amazing ‘always on summer deals’ designed to make dining out more affordable until August 31.
Between Monday to Friday (after 7pm) Chiquito is offering two main meals for £20, which includes delicious sizzling fajitas, tasty burritos, Tacos, chimichangas and enchiladas. This will save guests up to £15.
Chiquito is also offering a summer always on promotions two for the price of one main mealsall day Sunday which will help out those dining out at the weekend. This will save guests up to £21.90.
Almost 8 million people have been overlooked during the cost of living crisis and are now on the brink of serious hardship, Which? is warning.
It comes as new research by the consumer champion identifies 15 per cent of the UK population who are more likely to have turned to credit and buy now pay later schemes (BNPL) during the crisis. These people are at risk of significant financial and mental harm in the months and years ahead as interest rates continue to rise.
Which? surveyed 4,000 people across the UK to find out how different groups of consumers are coping – financially, physically and mentally – with the cost of living crisis. The research highlights that while the vast majority of consumers have been affected by the cost of living crisis, this pain is not felt equally.
The study identified six distinct groups of consumers who are experiencing the cost of living crisis in different ways. These groups are: ‘Drained and Desperate’, ‘Anxious and At Risk’, ‘Cut Off By Cut Backs’, ‘Fretting About the Future’, ‘Looking out for Loved Ones’ and ‘Affluent and Apathetic’.
While much of the government and policymakers’ focus has rightly been on supporting the ‘Drained and Desperate’ group – who are more likely to have household incomes of less than £20,000 and have already had to make severe financial cutbacks, such as skipping meals and not turning on the heating.
Outside of any universal support available like the government’s support for energy bills, this ‘Anxious and At Risk’ category has been largely overlooked.
The ‘Anxious and At Risk’ group contains 7.9 million adults – 15 per cent of the UK population. They tend to be from larger households with children at home and are struggling financially but have just managed to keep afloat by using credit.
However, unlike the ‘Drained and Desperate’ group, they are much more likely to have borrowed money to maintain basic living standards than to have cut back on essentials, such as food and energy.
Six in ten (59%) have increased their debt in the last six months – the highest amongst all groups.They are also more than twice as likely (36%) as the UK population (14%) to have used buy now pay later schemes.
With interest rates continuing to rise, it is only a matter of time before this group is unable to keep up this cycle of borrowing and fall into financial difficulty.
One woman from northern England in this ‘Anxious and At Risk’ group said: “I have to use credit to make ends meet and I worry about debt. I have no safety net for emergencies and I will have to work past state pension age.”
Four in 10 (38%) of this group have a mortgage or loan on their home and worryingly, one fifth (21%) of those with a mortgage are on a variable tracker mortgage – meaning their rates are hiked every time the Bank of England base rate rises.
The Bank of England has raised interest rates significantly in the last year in attempts to combat inflation, meaning those on fixed-rate mortgages who are remortgaging this year will also be faced with massive hikes to their mortgage payments. This could be a major tipping point for ‘Anxious and At Risk’ households.
It is also hugely concerning that millions are heavily relying on Buy Now Pay Later schemes. Previous Which? research shows that many BNPL users do not realise they are taking on debt or consider the prospect of missing payments.
The government must not delay plans to introduce changes to the BNPL industry and ensure that consumers are given stronger safeguards to protect them. This needs to include greater marketing transparency, information about the risks of missed payments and consumer credit checks.
At such a difficult financial time, businesses must also do everything in their power to ease pressures on household budgets. Which? is calling on essential businesses – energy firms, broadband providers and supermarkets – to do more to help their customers and ensure they are providing value for money.
For example, supermarkets need to make budget line items that support a healthy diet widely available – particularly in convenience stores.
Telecoms firms must cancel future mid-contract price hikes and energy firms need to ensure their customer service departments are fully staffed and able to support any customers who are struggling to make ends meet.
Rocio Concha, Which? Director of Policy and Advocacy, said: “Our research reveals that almost eight million people have been left balancing on a financial knife-edge.
“Until now, the government and policymakers have rightly focused on supporting the millions who are already failing to make ends meet, but this ‘Anxious and At Risk’ group is a ticking time bomb.
They are far more likely to have relied on borrowing to make ends meet but with interest rates continuing to rise, it’s only a matter of time before they find themselves facing serious hardship.
“The government must help those most in need by tightening regulation on buy now pay later to stop unaffordable lending and ensuring essential businesses are doing everything in their power to ease pressures on household finances.”
Do you need help to deal with your debt? Granton Information Centre can help: call 0131 551 2459, 0131 552 0458 or email info@gic.org.uk
Almost half of people (46%) over the age of 55 who are paying off mortgages are worried about rising rates, continuing to meet repayments and how to pay their loans off in full, research from PensionBee, the leading online pension provider, suggests.
The research carried out in June indicates that three quarters of respondents over age 55 who have mortgages are worried about rising interest rates (76%, Table 1) and concerned about how they will manage their payments to the end of term (62%, Table 2).
Respondents aged over 55 with a household income of less than £30,000 were more worried about rate rises than average (83%) and also about managing repayments to the end of the term (72%).
One in five over 55s on interest-only mortgage deals
Worryingly, less than half of over 55 respondents said they are on capital repayment mortgages (42%, Table 4), while 40% said they are on ‘part capital repayment, part interest only’ and almost one in five (18%) of over 55 respondents with mortgages are on interest-only deals, meaning that when they get to the end of their mortgage term, they will have to have enough cash available to pay off the remaining capital balance.
Uncertain repayment plans
Almost half (46%) of mortgage holder respondents aged 55 or over admitted they are unsure how they will pay off their mortgage in full. The most common remaining mortgage balance was less than £50,000 (Table 10), however, a small proportion (6%) of respondents reported their balance exceeding £250,000.
Using a capital lump sum (22%, Table 9) was noted as the most common way respondents over age 55 were planning to pay off their mortgage in full, while using a pension (16%), selling the house (11%) or using equity release (5%) were other options being considered.
Becky O’Connor, Director (VP) Public Affairs at PensionBee, commented: “The current mortgage rate rise shock may be contributing to an abrupt rethink of retirement plans and causing worry and uncertainty among the population of older homeowners still repaying loans.
“Anyone hoping to wind down from work as they approach their pensionable years and who still has a mortgage to pay could face a significant reality check in the coming months. Their mortgage could suck away even more of their disposable income, potentially forcing them to work for longer.
“Those on interest-only deals will not only face potential rate rises, but the additional headache of a looming deadline for repayment of their capital balances. Money they might have earmarked for repaying the capital at the end of the term might now need to go towards monthly repayments.
“It’s worrying that almost half of respondents in this older age group are not sure how they will repay their mortgage in full. One in five are pinning their hopes on a capital lump sum, while one in six think they will use their pension.
“People can access their pension from age 55 and can take 25% as a tax-free lump sum. With mortgage rates rising so rapidly, it may be tempting to tap the pension to pay off a home loan.
“Having a mortgage that runs into retirement can be a problem, because repayments can mean people have to take more out of their pensions in the early years.
“Anyone who is considering this must bear in mind the potential impact of using up tax-free cash early on in retirement and then running the risk of not having enough money later on to maintain enough income for a decent living standard.
“Pensions are designed to provide this income. While it can make sense to use some of the pot to pay off mortgages, it’s good to be aware of what this can do to living standards in retirement.”
Working longer to pay the mortgage
Almost one-in-five (19%, Table 3) mortgage holder respondents over the age of 55 are not working, with 22% saying they work part-time and 59% working full-time. Looking just at respondents aged over 65 who have a mortgage, the majority of whom will also be in receipt of the State Pension, 65% said they are still working full-time or part-time, suggesting that the need to continue to repay a home loan keeps people in work for longer.
There was a correlation between employment status and repayment type, with full-time workers over age 55 more likely to be making capital mortgage repayments and unemployed people more likely to be making interest-only payments, which tend to be lower.
Later life rate rise expectations
Almost half (47%, Table 5) of homeowner respondents aged over 55 identified their current mortgage interest rate as between 2 and 4%, with 12% on a lower rate of 1 to 2% and 25% on a rate of 4 to 5%. Just over one in 10 said they are paying between 5 and 6%, and 5% said their mortgage rate was over 6% (Table 4 below).
Just over a quarter (28%, Table 6) of those surveyed noted that their current mortgage deal is coming to an end either this year or in 2024. The vast majority (76%) of over 55s expect their repayments to increase in the next few years – at a time in life when people ideally look forward to lower housing costs.
Around 70% of British people consider password loss as stressful as a personal injury or an illness, financial problems, or dismissal from work, the latest digital stress survey conducted by NordPass indicates.
The study, which investigated the effects increasing cybersecurity demands have on people’s mental health, reveals that 67% of adults in the United Kingdom (UK) fear losing access to an important account without a reset option.
To compare, fewer people — 64% — find a personal injury or illness highly stressful. Dismissal from work and financial problems terrify 70% and 72% of people respectively.
Tomas Smalakys, the CTO of NordPass, said: “The fact that password management issues cause more worries for British people than personal health matters is concerning.
“This insight again proves passwords no longer fit people’s needs, and the switch towards alternative methods of online authentication should become the key priority for service providers,”
Why do passwords cause so much stress?
NordPass found that the fear of losing access to an account is related to a person having too many passwords at hand and, as a result, struggling to recall which password belongs to which account.
In the UK, almost half (45%) of internet users agreed password management is a challenge for them. In the US, even more people (56%) feel this way.
According to NordPass data, an average internet user has around 100 passwords to manage. This number contains both personal and business accounts, many of which are used on a daily basis.
As Smalakys explains, with so many credentials to remember, people tend to create weak passwords and reuse them, which then results in data breaches:
“It’s an unfortunate cycle. We fear losing access to our accounts and create simple passwords so we don’t forget them, while the most direct way to lose an account is actually to create a simple password for it,” says Smalakys.
Based on the latest Verizon Data Breach Investigations report, 74% of all breaches include the human element, and creation of weak passwords is among the key causes.
Tips to reduce password management induced stress
To ensure password management is less challenging, Smalakys recommends using the following cybersecurity practices:
1. Adopt a password manager. This solution allows someone to securely store all passwords, passkeys, credit cards, and other digital assets in one place, autofilling them on websites and sharing them with others in an end-to-end encrypted environment. Password managers also generate secure passwords consisting of at least 20 digits.
2. Give passkeys a try. Many tech companies, including Microsoft, Google, and Apple, offer a passwordless login with passkeys. Passkeys are a new technology, approved by the prestigious FIDO Alliance and considered the healthiest and the most convenient alternative to passwords.
3. Delete accounts you no longer use. Rarely used accounts often get abandoned, which makes them attractive to cybercriminals. The passwords for these accounts become outdated and are then easily crackable.
