Over 15 million Brits worry about their finances every single day, more than other issues such as health, jobs and relationships, according to research from MoneySupermarket.com.
The comparison site revealed of those who feel stress on a daily basis, a quarter (23 per cent) say their future financial situation is the main cause, followed by health (22 per cent) and current personal finances (21 per cent). A smaller number were stressed about their job (20 per cent) and relationship with their partner or family (8 and 6 per cent respectively).
A separate poll of nearly 10,000 respondents also found the main impact on consumers personal finances in 2011 was high petrol prices (42 per cent), followed by rising bills (21 per cent) and debts (17 per cent).
Kevin Mountford, Head of Banking at MoneySupermarket, said: “It’s not surprising that people blame financial anxiety as a top cause of stress given the difficult economic environment and the rising cost of living, and we can expect next year’s outlook to be just as tough, if not tougher. If you are in a position where you are worrying about your finances you should do everything possible to try and relieve this – there are ways to take control of your finances and reduce the worry they can cause.”
Increased stress expected in 2012
The research also asked Brits whether they think their financial stresses will increase in 2012, and an overwhelming 76 per cent believe it will – the majority blaming the rising cost of living as a key factor in making their stress worse. Seven per cent think a squeeze on their benefits next year would cause an increase in their financial stress, while six per cent are worried about mortgage repayments if the Bank of England Base Rate increases next year.
Taking control of your finances
Overall, nearly half of Brits (46 per cent) think they could take better care of their finances, but over a third (35 per cent) of these don’t know how they could save more money. Nearly one in three (29 per cent) simply can’t be bothered spending the time to research the best options, and 18 per cent blame lack of time as a factor stopping them taking control and sorting out their finances. A further 18 per cent do not understand their finances or know what the best options are for their needs. When asked how long it took before they got bored or frustrated with their finances, 16 per cent said it was within the first ten minutes.
Kevin Mountford, continued: “Taking time out to review your finances and switching to a better product for your needs really could make all the difference and provide a welcome boost to your finances in the New Year. And it’s really much simpler and quicker than you think.
“For those who are worried about their finances, it is vital to tackle the issue head on. Although apathy, lack of time and knowledge are some of the reasons for not taking control of the situation, it really is worthwhile sitting down and seeing where savings can be made. Using a comparison site such as MoneySupermarket to research and shop around to help switch to a better deal can make significant savings, without a change of lifestyle. By checking what deal you are currently being offered and comparing it to other products, it can help put some money back into your pocket, giving you a head start for the New Year. If you are in a position where you don’t know where to turn, then seek help from one of the free debt advice charities, who may be able to help.”
