Brits Fret over Financial Insecurity

Published on 1 January 1970 by Raffick Marday

Britain is a stressed out nation according to a latest survey, with 37 percent admitting to feeling this way due to money worries.

A lack of financial stability was shown to be a key contributor to these feelings of stress, as the Scottish Provident Financial Safety Net report revealed the number of people that are anxious increases for those that have no savings in place.

Forty nine percent of those who have no savings already admit they are stressed or even very stressed, and the 47 percent who cannot afford to put money aside to save admit to the same feelings. In total the survey revealed 18 million Brits are stressed.

“It is no surprise given the current financial climate that many millions are feeling the pressure and becoming stressed,” commented Susan Barclay, Scottish Provident head of marketing.

“The soaring cost of living, coupled with concerns about job security, will lead many to question how they will be able to pay their bills against a backdrop of inflationary pressures and wage freezes.”

Thirty million people also said if they had no income their stress levels would increase – however, despite these worries, a quarter of Brits think they would have money worries after just one week of losing their job – implying they are not saving money to provide themselves with a financial safety net.

An illness to either the individual or to one of their family members was the only thing that would be more stressful than losing their income as 62 percent claimed.

While for 45 percent of those surveyed, an increase in their bills or outgoings would be enough to increase their financial anxieties.

Thirty seven percent admit losing their job would cause them to become very stressed, for 22 percent a pay cut would give them extra cause to worry, while 17 percent said being forced to dip into their savings would make them more stressed than they already were.

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