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Worrying is a normal part of life, with research from NS&I showing that 85% of Brits worry at least some of the time. Of these, 67% worry predominantly about money, which means that 29 million Brits are losing sleep over their financial situation.
What's even more worrying is that 26% of Brits, or 17 million people, revealed to NS&I that their personal finances have had a negative effect on their mental health. And yet, 73% of money worriers have never sought advice or guidance for money-related issues.
This may be because 29% of Brits see their personal finances largely as a taboo subject, with 36% of those who don't discuss their personal finances saying that they don't want others to know. This is followed by 21% who don't feel comfortable talking about their personal finances with others, while 11% felt embarrassed and 4% simply didn't feel confident enough to talk about money.
Interestingly, 31% of women would talk to their partner about finances, compared to only 24% of men. In contrast, 31% of men would prefer to seek advice from a professional, compared to 22% of women.
Roughly the same amount of men and women worry about money, at 68% and 67% respectively, while younger people seem to be the biggest worriers overall, with 78% of those aged 16 to 34 concerned more about money than family, health or work. A whopping 57% in that age group even say they worry about money most or all of the time.
"It is concerning that almost two-thirds worry over their finances," said Jill Waters, retail director at NS&I, "yet the current picture is slightly better than it was in 2012, when we found that three-quarters of people worried about their finances at least once a year."
Talking to an expert can be a great way to help you deal with your financial worries. If that feels like too big a step for you, there are still things you can try that may help. For one, there are our guides to consult, if you have a specific question or aren't sure what a certain term means.
For those who are unsure about their bank account, for instance, there are high interest current accounts that would appeal to those with a certain income, overdraft accounts for those who can't always avoid going into the red, and basic accounts for those with a negative credit rating.
For those dealing with debt, there are the top 0% interest credit cards to consider, or a personal loan to consolidate debt, and there are always debt charities such as the Citizens Advice Bureau who would love to help. You don't have to fret about your finances on your own. As Jill said: "Talking openly and in confidence about your financial situation and making a plan for now and in the future can help reduce that worry and help you get on top of the situation."
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