How can you save yourself from financial anxiety?
Financial anxiety is on the rise again in the UK, returning to the same level as 2013.
This is according to independent research commissioned by MoneySuperMarket which found that 18.5 million people feel stressed about their money every day.
It represents a 19% rise on the 15.6 million people who felt this way last year.
The annual research found that over a third of those asked said daily money worries are their main cause of stress.
Over a fifth of respondents said their current financial situation is causing the most stress and 14% worry mainly about their future financial outlook.
Nearly a third of those who took part in the survey said they were more concerned about their personal finances than at this time last year.
Younger people are more likely to face financial anxiety, with three times as many 18 to 34 year olds stressed about household budgets than those 55 or over.
[tweet_box]One in five people are worried about their future financial outlook[/tweet_box]Nearly half of UK adults believe their levels of financial anxiety will deteriorate during 2016, with the cost of living the biggest concern for almost a third of people.
We should not underestimate the detrimental effects of financial anxiety.
59% of adults who are worried about their money believe other areas of their lives are affected as a result.
Financial anxiety has an impact on health in 19% of cases and 14% said it means relationships have suffered.
How to save yourself from financial anxiety
If you find yourself suffering from financial anxiety, there are some steps you can take.
A first important step is to get your household budget under control. Sit down with a paper and pen to make a list of everything you are spending, and compare this to your income.
Failure to live within your means is a surefire way to create financial anxiety, so choices need to be made about how your money is spent each month.
If debt is the cause of your financial anxiety, then seek expert help.
There are plenty of free, confidential debt advice services available. This resource from the Money Advice Service lists free debt advice services which they have accredited.
If your financial anxiety is created by fears about the future, then consider creating an emergency cash savings fund.
This should be the equivalent of three to six times your committed monthly expenditure, designed to see you through any unexpected financial emergencies and prevent you from taking on debt unnecessarily.
Perhaps one of the most effective cures for financial anxiety is to talk about the issue, especially if you have a civil partner or spouse.
Shouldering all of the the responsibility household finances can be stressful, especially if things are not going precisely to plan. By talking about your financial anxiety, it is possible to find solutions and get support for the action you need to take.
We don’t think anyone should experience sleepless nights about money.
By constructing and implementing Financial Plans for our clients, we help save them from financial anxiety and create a clear vision for the future.
