January 2, 2013
- Money worries are the biggest causes of stress for consumers
- 77 per cent say their money stresses will increase next year
- 22 per cent expect Christmas to push them either into debt or further into debt
- Taking control of your finances in the New Year is the key to reducing financial stress
Money worries are the biggest cause of concern for British consumers, with 16.8 million feeling stressed out by their finances every single day, according to research from MoneySupermarket.*
Research by the UK's number one comparison site revealed a third of UK adults (34 per cent) feel stressed on a daily basis as a result of their financial situation - an increase of four per cent on 2011. Seventeen per cent say it is their future financial situation which is the main cause of the stress, and a further seventeen per cent say it is their current financial situation. This is followed by fourteen per cent who state they are most stressed out by their health, and a further thirteen per cent by their job.
Kevin Mountford, Head of Banking at
"As was the case last year, anxiety about money is the top cause of stress for many adults. This is unsurprising given the difficult economic environment and the rising cost of living, which has really impacted hard-pressed households. Unfortunately, I think we can expect next year's outlook to be just as tough as changes to benefits, taxation and further austerity measures take their toll. If you are in a position where you are worrying about money, you can take positive action to relieve this- there are ways to take control of your finances and reduce the worry they can cause. Understanding and controlling your household budgeting better and avoid unnecessary overspending can help alleviate some of the anxiety, even if times remain tough."
The research also reveals that 77 per cent of those who feel stressed by their finances, believe this stress will only increase next year. A huge 60 per cent blame the rising cost of living as a key factor in making their stress worse, with a further eight per cent worried about their mortgage repayments, and six per cent are concerned by squeezes to their benefits in 2013. Many also believe Christmas will add a further financial strain, with a fifth (22 per cent) stating that it will either push them into debt or further into debt.