Three in five people feel their finances are out of control

Three in five people in the UK do not feel in control of their financial situation, according to new findings from thinkmoney.

The research suggest…

Three in five people in the UK do not feel in control of their financial situation, according to new findings from thinkmoney.

The research suggests that there is a lack of control present in almost all aspects of individuals' lives, with more than half not having a grasp of their health and fitness either.

People generally claim like they are more in control of their social lives and children, which is a good thing, although nearly 40 per cent still struggle and do not feel totally on top of the situation.

Individuals are leading increasingly busy lives and things such as exercise are often neglected as a result of there not being enough hours in the day.

Of all facets of life, it is finances that people struggle the most with, with 61 per cent saying they do not have control over them at all times.

Some 45 per cent said they have problems with food and diet, with a similar number citing workplace troubles.

Younger citizens are having the most difficult time keeping track of everything. This could be a result of poor financial education in schools that do not give them the foothold they need when they enter adult life.

It appears that the older people are, the more likely they are to have most aspects of their lives under control. Those aged over 55 are more than twice as likely to feel on top of things at work than 18-24 year olds. 

Meanwhile, 18-24 year olds are almost three times as likely to feel their social lives are out of control than those over 55.

Of all age groups it is the 25-34 year olds who feel their finances are out of control the most, with a massive 73 per cent struggling to cope.

Individuals need to ensure that they are on track with their finances, but if things are getting tricky it is important to know that getting back on the straight and narrow is not an impossible task. Placing money that is owed into one consolidation loan, finances can potentially become easier to manage and monthly payments can be reduced.

By Joe White

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