Daily financial worries cause of stress for millions

Daily financial worries cause of stress for millions

Over 13.8 million people (28.8%) say daily money worries are their main cause of stress, according to MoneySuperMarket.

Financially stressed adults suffer a range of emotional consequences, including feeling panicky (38%), overwhelmed (34.2%), upset (29.3%), disappointed (26.7%) and exhausted (22.6%).

The research found that 51.2% of UK adults are regularly worried about their finances. The younger generation suffers more than the older demographic, with 64.8% of 18 to 34 year olds stating that they worry about the state of their finances constantly, compared to 36% of those aged 55 or over. Women feel the strain the most, with 58% admitting they worry about money regularly compared to 43.3% of men.

58% of those stressed about their finances say their concerns affect other parts of their lives. 32% believe their money worries impact their health, 20.9% admit their relationship with their partner or spouse has suffered, while another 15 % state another area of their life has been affected.

49% of UK adults believe their financial anxiety will get worse in 2018, with 31.8% citing the rising cost of living as the main reason. A further 19.8% are concerned by the impact of Brexit and political uncertainty, while seven% are worried their benefits will be squeezed.

84% of those who are worried about their finances plan to make cutbacks to get their finances into better shape in 2018. Half (51.9%) will buy fewer non-essential items, 29.5% will cut back on social engagements and 17.3% plan on switching financial providers to get a better deal.

Looking forward to the year ahead, those in Northern Ireland were the most concerned about their finances in 2018, with 32% noting they worry about money on a daily basis. Meanwhile, those in the East Midlands were the least concerned about their financial situation in 2018, with only 22.5% saying they felt stressed about money on a daily basis.

Kevin Pratt, consumer affairs spokesperson at MoneySuperMarket, said: “It’s little wonder people are worried about their finances. Inflation crept over 3% in December and the economic outlook for 2018 is at best uncertain, given concerns about wage stagnation, Brexit and the possibility of further interest rate rises.

“Households need to get to grips with the costs they can control – that means making sure they’re not overpaying on bills such as energy and insurance. Tactics such as switching credit card to save on interest payments and changing current account to earn cashback should also be considered.”