Money Worries Burden the Nation
A worrying 80 percent of the UK population have money worries, new research reveals.
Of all the living costs, utility bill hikes were revealed as causing the most angst, research by The Co-operative Bank shows. On average outgoings are £212 more than incomings at the moment.
All areas of family finances are being scrutinised with a view to save money, the study revealed, as the top money worries were utility bills, personal debt and fuel prices, with 21 percent, 21 percent and 15 percent agreeing respectively.
“The fact that 80 percent of consumers are currently worried about money is a saddening yet unsurprising figure given the current economic climate and increasing cost of living,” commented John Hughes, the Co-operative Financial Service director of retail banking.
“By taking an organised approach to finances, consumers can plan ahead and avoid financial pitfalls such as missed bill payments that end up leading to additional charges.”
In fourth place of the top money worries is the employment situation, followed by the rising cost of food, with a lack of savings coming in at sixth place, followed by interest rate rises, and studying expenses.
Women were found to be more likely to worry about money than men despite the fact that men overspend more – on average by £232.78 each month compared to women who overspend by £212.14.
Nearly a third of UK adults do not feel confident that they can pay their bills every month, and 28 percent admit to missing bill payments completely.
If you struggle to stay in budget each month and find yourself constantly overspending, a prepaid card could help you stay in the green.
They do not have an overdraft facility so the user does not unintentionally spend more than they have, and because they have to load money onto the card, there are no bills to pay off at the end of the month.