Credit Crunch Hits Health and Spending, but Not Reward Credit Cards
- Fear 6000 sports clubs nationwide could close
- Incentives and rewards from credit cards may be minimising falls to just 0.67%
- 'Credit munching' sees increase in obesity rate
- Level of depression on rise
(PRWEB) May 17, 2009 -- As each day brings news of rising unemployment levels, increasing repossessions and other bad news stories it has not been recognised until now that the recession is impacting on peoples health
Closures and cutbacks
Despite the Governments' commitment to involving at least one million people in regularly organised sport by 2012, figures released by the Central Council of Physical Recreation (CCPR), which is the national alliance of governing and representative bodies of sport and recreation, have shown that the fiscal turmoil has had a detrimental impact on sports clubs across the country.
At a time when the coming London Olympics should be invigorating the sports and activities scene the CCPR reports that 39% of clubs have seen membership renewals fall. This decline in revenue is unsurprisingly leading to cutbacks and fears that up to 6000 clubs could close. Even the most financially sound clubs are reporting cutbacks in coaching, kit facilities and community initiatives.
One of the most worrying aspects is that 20% of clubs also responded saying the economic crisis has led to a shortage of volunteers as clubs struggle to attract and retain this vital help.
Consumer Credit and Spending
APACS, UK payments association noted that there has been a marginal decrease in consumer spending on credit cards but not in a way to support the credit crunch. People are certainly changing their spending habits but this is only reflected in a 0.6% decrease in spending on credit cards from 2007 to 2008. Rewards from many UK credit card can often incentivise spending through cashback or gift options. In Ireland to, there is increasing interest in 0% balance transfers and such rewards cards, with MBNA again dominating this market.
Comfort eating on rise
The Daily Express recently reported that "stressed out Britons have piled on 20 million stone" and whilst this figure cannot be verified reports are concluding that people are turning to comfort eating, now dubbed as 'credit munching', in times when job security is scarce and repossessions are at a record high.
According to a recent online survey one in three adults claims to have put weight on and blames the economic situation for forcing them to buy cheaper, less healthy food.
In recent American surveys carried out 25% of people reported that they are more likely to buy and eat high calorific food in order to combat depression - one unemployed nurse claims that she gained 30 pounds through this previously unnoticed phenomenon.
Depression Growth
As people come to terms with the real impact on how the wallets have been hit and their homes and lives put at stake mental health charities are reporting an increase in the number of calls and enquiries.
There is growing concern with regards to men in particular as it is known they are less likely to seek help or discuss problems whilst Oxford University researchers recently found that the children of fathers with mental health disorders such as depression are more likely to develop anxiety, alcoholism and psychiatric problems in later life.
MIND, which is the leading mental health charity in England and Wales, showed that 40% of male respondents in a recent survey described themselves as now depressed over job security, money and work. Paul Farmer, chief executive at Mind, said: "The recession is clearly having a detrimental impact on the nation's mental health, but men in particular are struggling with the emotional impact."
Notes for editor:
Thinking Money is a free financial advice and news site, commenting on loans, credit cards and economic news.
http://www.thinkingmoney.org
More information can be provided on request.
References:
CCPR, Central Council of Physical Recreation: http://www.ccpr.org.uk
Mind, Mental health charity: http://www.mind.org.uk
MBNA, UK Reward Credit Cards: http://www.mbna.co.uk
MBNA, Ireland Reward Credit Cards: http://www.mbna.ie
APACS, UK Payments Association http://www.apacs.org.uk
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