Worried about money? You’re not alone – some 11 million Britons stress about their financial situation on a daily basis.
More than half of them say the fallout from worrying about money spills over into other areas of their lives, often affecting their health or relationships at home or at work.
One in three people admit to feeling panicky and a similar proportion feel overwhelmed. And, what’s more, some two in five believe their financial worries will only get worse this year.
MoneySuperMarket’s annual insight into the state of the nation’s financial stress levels makes for unpleasant reading.
A third of Britons struggle alone with their concerns, not comfortable in sharing their burdens with partners, family or friends. And the younger generation suffers more than the older demographic, with 58% of 18 to 34-year-olds stating they frequently or occasionally worry about the state of their finances, compared to 30% of those aged 55 or over.
Women feel the strain the most, with 51% admitting they worry about money compared to 40% of men.
Over half of those stressed about their finances say more than just their bank account is affected as a result: a fifth believe their money worries affects their health and 17% admit their relationship with their partner or spouse has suffered.
Kevin Pratt, consumer affairs expert at MoneySuperMarket, said: “Many pundits expect inflation to rise in 2017, perhaps as high as 4%, so this New Year is definitely a good time to review your finances and work out whether you can make any changes to save money on your household bills.
“Simply looking at your outgoings to make sure you’re not overpaying on bills like energy or insurance can make a big difference, while switching your credit card could help you save money on interest payments each month, and in turn, hopefully lessen some of the burden.”
The majority (81%) of those who are worried about their finances plan to make cutbacks to their lifestyle in order to get their finances into better shape this year. Half will buy fewer non-essential items, a quarter will cut back on social engagements and one in eight plan on switching financial providers to get a better deal.