Money is ‘biggest worry for millions’

As debt management difficulties increases for consumers around the country, new research has shown that money-related problems are the single biggest cause for concern for 3.4 million Britons.

In an effort to avoid more serious financial problems, close to 12 million people in the UK have taken on a second job or work overtime, while around 13 million sell some of their unwanted belongings.

Furthermore, the figures compiled by Alliance & Leicester show that money or debt management problems are a source of worry for 18 per cent UK consumers on a daily basis.

“Money is obviously a topic at the forefront of most people’s minds,” said Andy Bayes, head of current accounts at Alliance & Leicester.

“Regardless of whether money worries stem from managing day to day finances or finding the money in the run up to special times of the year, it’s crucial people check that their bank account is working hard for them,” he added.

The total amount of debt owed by British consumers increases by around £1 million every four minutes, according to figures from Credit Action.