Published On: Sun, Apr 14th, 2024

Debt anxiety means one in four can’t bear to look at bank balance | Personal Finance | Finance

Almost 11 million are kept awake at night over money concerns and many can’t bear to look at their bank balance, according to new research.

At the same time, three out of five – 60 percent – are concerned about how factors outside of their control will affect their finances.

The figures come from a household finance and tracker compiled by the UK bank Aldermore.

Its experts said that, while many may be tempted to bury their heads in the sand when it comes to dealing with debts, ignoring debt is the worst thing to do for people who are suffering from .

Director of Savings at Aldermore, Alex Myers, said: “It’s understandable that many people have heightened anxiety over their finances as the cost-of-living crisis continues to squeeze finances.

“While we can’t control the wider economic environment, there are ways in which you can take back control of your own finances.

“Simple steps such as reviewing your outgoings and seeing how much you’re spending on bills and services – and where you might be able to switch to cheaper providers or cancel unused subscriptions – will make a noticeable difference.”

The Aldermore research found 10.9million (27 percent) find themselves kept awake due to debt worries. And the same number avoid viewing their bank balance due to anxiety.

The study found many are failing to get a grip on their finances to ensure they can make ends meet.

For example, 37 percent were unaware of the costs of their gym memberships, while 15 percent failed to keep track of online TV subscriptions.

60 percent are concerned about how factors outside of their control – such as the wider and government policy – will affect their savings. As a result, some 45 percent admitted they are worried about their financial future.

Despite interest rates being at some of the highest levels seen in over 10 years, which could provide a welcome boost to savings pots, one out of 10 (nine percent) Britons that save don’t see any point in saving more due to ‘poor’ interest rates.

But for many others, sky-high living costs stand in the way of saving. A third (35 percent) of adults admit that they try to save but have nothing left over at the end of the month.

For those that could afford to set money aside, a quarter (26 percent) found that by setting aside a fixed amount on a monthly basis e.g. via a standing order, they were able to save consistently.

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