Stress of debt may be adding to consumer woes

Those with the greatest financial concerns are more stressed than the average Briton, it has been stated.

A poll by Scottish Provident found 37 per cent of UK adults would describe themselves as “stressed” or “very stressed”.

This got worse for those with greater financial worries, as 49 per cent of those without savings and 47 per cent currently unable to afford to put anything aside described themselves in this way.

Such individuals may include many whose reason for a lack of savings is because they are struggling with credit card debt or other borrowing and either have used what they had put away to pay some of this off or are so financially committed by their repayments they have nothing spare at the end of the month.

Commenting on the situation, head of marketing at Scottish Provident Susan Barclay said: “It is no surprise given the current financial climate that many millions are feeling the pressure and becoming stressed.”

“The soaring cost of living, coupled with concerns about job security, will lead many to question how they will be able to pay their bills against a backdrop of inflationary pressures and wage freezes,” she added.

People seeking debt management help may find this eases their situation and makes it possible to put some money aside for a rainy day.

The Scottish Widows survey is the second published this week to reveal widespread anxiety among Britons about their personal finances.

A poll by Co-operative Financial Services found 80 per cent of people have money worries of some kind.

By Joe White