Financial Advice UK - Household bills News - Money is the biggest worry for 3.4 million Brits

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Household bills News - Last Updated Tuesday 4th September 2007

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Money is the biggest worry for 3.4 million Brits

Tuesday 4th September 2007

Research from Alliance and Leicester into financial attitudes in the UK has revealed that for 3.4 million British people, money is the biggest concern in their life, with nearly a fifth or 18 per cent worrying about money everyday.

Unsurprisingly, some times of the year see money worries escalate - with half of those who worried about money said their concerns were triggered by the costs of Christmas and New Year, and another 40 per cent finding the holiday season financially stressful.

A third admitted that the run up to pay day was the most worrying time for them, with a lack of budgeting skills leaving a deficit at the end of the month.

Those questioned found they could alleviate their worries by cutting back on their spending or raising additional cash is the best way to keep money worries at bay - some 21 million are estimated to cut back on luxuries like as eating out or going on holiday, while almost 13 million sell off unwanted belongings.

It seems that many still stick their heads in the sand with regards to their finances, with over a third avoiding checking their bank balance or opening their bank statements.

Andy Bayes, head of current Accounts at Alliance and Leicester said: "Money is obviously a topic at the forefront of most people's minds.

"Regardless of whether money worries stem from managing day to day finances or finding the money in the run up to special times of the year, it's crucial people check that their bank account is working hard for them.

"Budgeting and making cut backs is one thing, but if people are earning low rates of interest on their hard earned cash, its time to switch to a better deal."