82% of Britons ‘worried about money’

Over 80 per cent of consumers worry about money at least some of the time. 

Research conducted by YouGov for Financial Planning Week, which ran until December 1st, discovered 82 per cent of people are thinking about how they will make ends meet.

When the same survey was carried out in 2011, only 60 per cent had concerns, which demonstrates how UK adults are finding it tough going at the moment with regards to money as wages continue to increase below inflation. 

Nearly two-thirds (63 per cent) said they are struggling to meet credit and bill payments and these people could spiral into debt problems if they do not bring their situation under control.

Family budgets are expected to be stretched to the limit because of inflationary pressures – 56 per cent are worried about the increase in the cost of living, while this figure rises to 62 per cent for over 55s. 

The nation's employment situation is also having an effect, as 32 per cent of Britons admitted they are worried about job security. Those in the 18-24 age group are the most concerned (51 per cent). 

Consumers should do their utmost to build up a financial safety net, the general rule of thumb is to have three months pay set aside. This means they can deal with most unexpected circumstances without running up debts. 

Steve Gazzard, chief executive officer of the Institute of Financial Planning, stated people have been "under real pressure" as the value of their savings has been eroded by low interest rates.

"Inflation is a risk in just the same way as volatility. Better education and understanding of this area is a huge issue for the UK population," he added.

Mr Gazzard remarked Britons need to make sure they "organise their financial affairs" in such a way that they can react to wider economic circumstances.

By Joe White