With new research from Lloyds Banking Group highlighting sleepless nights as the most common side effect of feeling under financial pressure, talking about money should be top of the resolution list for many in the New Year.
One in three (33%) said that concerns about money are keeping them awake at night, with this number rising for those aged between 35-44 (41%) and 45-54 (43%).
Not limited to the bedroom, financial woes are also impacting people’s performance at work (16%) and taking their toll on personal relationships (24%). But, with a third (34%) of people reporting they do not talk to anyone about the financial pressure they’re feeling, there is a real opportunity for a significant proportion of people to ease the burden.
For many of those who admit to worrying about money, they have a number of ideas on what would help their financial situation.
Nearly half (45%) believe more affordable regular living expenses – such as fuel or groceries – would make a real difference. Cheaper housing costs, including rent and mortgages, would be a weight lifted for 26% people too.
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Furthermore, the majority of people proactively engage with their situation to help alleviate some of the issues. 60% are prepared to reduce their spending and 12% are willing to borrow money from friends and families in tough times.
The top financial matters on people’s minds are housing costs (27%) such as their rent or mortgage, debt (24%) and saving for big events, such as a wedding (19%).
Almost one in five (16%) say financial pressures have had a negative impact on their work performance. This is most prevalent in those aged between 18 and 24, with one in four (26%), feeling under strain whilst at work. Almost a third (29%) of 18-24-year-olds say that they have avoided addressing their finances, because of the financial strain they find themselves under.
For some, this also extends to their personal relationships, with one in four (24%) saying their relationships with family and friends would be more positive if it weren’t for their money worries.
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