1 in 4 People Started the Year Worried About Money

January 23, 2019

Close to a quarter of adults around the country started the new year feeling uneasy about their financial situation.

That’s according to the findings of research carried out on behalf of the debt help charity StepChange which is encouraging people with money worries to reach out for support and advice if they need it.

“Financial unease is common, affecting more than a quarter of us,” said Richard Lane, from StepChange. “Don’t suffer in silence – get advice.”

Among the many people who said they felt uneasy about their finances as the new year began, just less than two-thirds (65 per cent) indicated that they’d felt that way for more than 12 months.

Meanwhile, a fifth of those people said that they’d been worried about money for more than five years or that they’ve actually never felt comfortable financially in their entire lives.

The age group found to be most concerned about money was 25 to 49 year olds, with 26 per cent of survey respondents in that bracket feeling uneasy financially and at least somewhat unsure of how they’ll make ends meet in the coming months.

Of the people polled in the 25 to 49 age bracket, 8 per cent said that they would consider themselves “very uneasy” about their financial situation and suggested that they already know they’ll need to go without essentials due to a lack of money in the near future.

StepChange’s research also identified a significant gender gap when it comes to financial worries, with only 28 per cent of women feeling confident about money, compared with 36 per cent of men.

The charity’s recent polling also found that 37 per cent of people who admit they’re feeling financially uneasy nonetheless feel that they don’t need any third party advice or support.

Around 13 per cent of those people said that they would feel embarrassed to ask for advice, while the same proportion indicated that they wouldn’t know where to go for advice about dealing with their financial problems.

A StepChange statement on that said: “While an encouraging number of people already said they would encourage their friend or family member to ‘seek help’, StepChange urges people to make this the first advice they would give to a friend in debt.”

Joanne Wright

Head Adviser at our Manchester Office

Tel: 0800 001 4247
Email: enquiries@ukdebt.org.uk

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