UK households increasingly anxious about finances

Anxiety caused by finances has grown considerably among UK adults within the last year, and is now reaching the same levels as in 2013. 18.5 million p…

Anxiety caused by finances has grown considerably among UK adults within the last year, and is now reaching the same levels as in 2013. 18.5 million people now face daily stress about money, according to research conducted by MoneySuperMarket.

In 2015, 36 per cent of people faced daily money worries, which was their biggest source of stress. This is 19 per cent more than the 15.6 million who felt the same last year. Over a fifth (22 per cent) of people claim that their current financial situations cause them the most stress, while 14 per cent are most concerned about their future finances. In addition, 30 per cent state that they're more concerned about their finances than this time last year.

Young people are suffering the most from financial stress, with 54 per cent claiming that this is an issue for them. In comparison, just 18 per cent of people aged 55 and over struggle with money worries.

Almost half (45 per cent) of UK adults believe their financial anxiety will get worse next year, with 29 per cent stating the rising cost of living as their main worry. A further six per cent are concerned by cuts to their benefits, while three per cent are worried about their mortgage repayments.

Kevin Pratt, consumer finance expert at MoneySuperMarket, said: "Money worries continue to keep many Brits awake at night and after an improvement in 2014, financial anxiety has now shot back up to the same level as two years ago. With a base rate rise looking likely to happen in 2016, the New Year is a good time to review your finances and work out whether you can make any changes to save money on your household bills."

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