Portsmouth revealed to be the most ‘financially anxious’ city in the UK

Figures published by MoneySuperMarket show that a quarter of people in the city lose sleep by worrying about their financial situation.

The next worst city for financial anxiety is Leeds, which is seven per cent lower.

The research explores the psychological effects caused by overhanging debt and the struggle to pay bills on time – with young people between 18 and 24 feeling the strain the most.

Tom Flack, editor-in-chief at MoneySuperMarket, said: ‘With a rise in the cost of living, an increase in bad debt has become the norm as people continue to feel the financial pinch.

‘For some of the population, it seems like the cycle of borrowing will never end.

‘However our research found that only 17 per cent of Brits increased their debt last year and that almost half managed to reduce their overall debt, which is a positive sign.’

Money advisor at Citizens Advice Portsmouth, Denise McGarry, said that shying away from the debt is what leads to the mental health problems.

She explained: ‘Money worries can lead to things like self harm and relationship breakdowns if they aren’t tackled properly and quickly.

‘Speaking to the creditors should be the first port of call – we always encourage people to explain their situation to them and discuss the options.

‘It's when this isn’t done that the anxiety can come in and mental health is affected.

‘People who avoid their money troubles tend to become quite reclusive, not answering phone calls or opening letters; they hide it away from friends, family and partners, making it much more difficult for themselves.’