18m Britons ‘concerned about their finances’

Over 18 million people in the UK are concerned about their financial situation.

Newly-released research by MoneySuperMarket has discovered people are stressed out and concerned about the cost of living. Indeed, 36 per cent admitted they have money worries. 

When asked about what was stressing them out, one in five pointed to their current financial situation, while 13 per cent worry about their health and 11 per cent have doubts over their job security.

Almost three-quarters of those who are anxious about their finances are convinced the next 12 months are actually going to be harder on them. 

Clare Francis, editor-in-chief at MoneySuperMarket, acknowledged that the economy has improved in 2013, but anxiety over money is still a big issue.

"The macro indicators may point to an improving picture, but life for many households continues to be tough. Some costs have fallen, such as petrol and diesel, but many bills are higher than they were a year ago. The recent round of energy price hikes for example, has pushed more people into fuel poverty and millions of people simply can’t afford to adequately heat their homes," she added.

Ms Francis stated concerns over making ends meet can have a real effect on a person's mental health, so they need to do everything in their power to turn this situation around.

In terms of clearing debts, 41 per cent think they'll be able to eliminate their arrears completely in the next five years, while 27 per cent are solely targeting their credit cards. Some 54 per cent believe the rising cost of living has made their situation even worse. 

Worryingly, 15 per cent do not expect to make any progress on their debts and these people will need to adopt a proactive approach if they are to bring their finances under control.

Ms Francis pointed out that there are a raft of small changes that can be made, such as shopping around for the best deal on car or home insurance. When added up, these changes can make a big difference. 

By Joe White