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Few consumers feel in control of finances

Few consumers feel in control of finances

Category: Money

Updated: 04/07/2013
First Published: 04/07/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A new study has found over 60% of consumers claim they do not feel in control of their financial situations.

Questioning over 2,000 UK adults on various aspects of modern living, such as health, wellbeing and work, the results showed that concerns about personal finance are at the forefront of the majority of people's minds.

As the cost of living continues to spiral whilst wages remain relatively static, a large number of individuals are finding the struggle increasingly stressful, with young people the most likely to feel out of control when it comes to handling their personal finances.

Around 73% of people aged between 18 and 24 said they do not feel in control of their money, with members of this age group almost three times more likely to often feel their social lives are out of control compared with people aged 55 and over.

Ian Williams of Think Money, which compiled the findings, said: "It's important to feel like you're in control in all aspects of life.

"A lack of control often means that you will find that area of your life stressful and worrying, especially when it comes to personal finances."

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