It probably won’t surprise you to learn that 83% of people have financial worries at the moment.
More surprising, perhaps, is that according to recent research women are much more likely to worry about money than their male counterparts.
Of course there are many reasons why this might be the case. Women are far more likely to take career breaks in order to have children. They are also more likely to resume work on a part time basis in order to look after their kids. This affects not just their immediate earning potential, but also long term savings and retirement funds.
What people worry about
According to debt management provider Debt Advisory Centre, who provide this article, people are most worried about the following things.
While 25% of people are worried about not having enough money to live on, 18% worry most about not having any savings, although
10% worry most about not being able to pay their utility bills.
Around 9% worry most about what would happen if they lost their job and 8% worry most about debt management and what would happen if they were not able to make their payments.
Only 6% worry about not being able to meet their mortgage repayments or being able to afford their rent, while 5% say their biggest worry is what would happen to their family if they died.
What to do if you have money worries
Whatever the reason for your money worries, it’s important that you don’t dwell on them and let things get worse. There are plenty of things you can do to tackle the problem.
- If you don’t already live by a budget, plan one today. Take stock of all your essential monthly living costs and see exactly how much money you have left over after paying them. If your outgoings cost more than your income, your problem is serious and you should seek expert advice as soon as you can.
- If you have money to spare each month, consider putting as much as you can towards your debts – but try to keep some money back as a ‘buffer’ against emergency costs.
- Look into ways you can cut back. Most people can save at least some money by switching energy provider, reducing their mobile phone tariff, or buying value brands at the supermarket.