With debt management problems being heightened for consumers across the country, there are close to 2.8 million adults in the UK who are afraid to confront their own bank balances, figures from the financial service firm demonstrate.
And the problem, which Sainsbury’s Bank has called “money fear”, has also led to more than two million UK consumers keeping their partners in the dark when it comes to financial details and potential debt management issues.
“Our advice to people suffering from this condition is not to put your financial management off, problems can arise if you don’t keep an eye on things,” said Kevin Barrett, head of channels at Sainsbury’s Bank.
“Take control of your finances now, look at your expenditure, plan your budget and by all means, seek advice or counselling if you need to,” he added.
Research released by MoneyExpert last week showed thousands of Britons are missing their personal loan repayments every day as the cost of borrowing continues to increase nationwide.