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What are our biggest money worries?

Posted 02 September 2013

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What money issue do you worry about the most? Debt Advisory Centre did some research into the most common money worries - and who's worried about them.

Here at Debt Advisory Centre, we did some research* and found that most people (83%) worry about money.

We look at what people are most worried about, who's most worried - and what you can do if you're worried about your money.

What are we worried about?

A quarter of us (25%) are worried about not having enough to live on, making this the biggest financial worry of all.

Some of the other big financial worries include:

•  Not being able to save/not having any savings (18%)

•  Not being able to pay utility bills, like gas and electricity (10%)

•  What would happen if I lost my job? (9%)

•  Not being able to repay debts (8%)

•  Being unable to afford the rent or mortgage (6%)

•  What would happen to my family's finances if I died? (5%)

Who's most worried?

Women appear to be the biggest worriers when it comes to money. Women were half as likely (12%) to agree with the statement 'I never worry about my finances' as men were (24%).

Apart from that, age seems to make a real difference. Here's a look at some of our 'age' findings:

Younger people (aged 18-24) are more worried about not being able to save (24%) and not having enough to live on (34%) than every one of the other age groups. They appear to have the most 'squeezed' finances.

•   As you might expect, the next age group (25-34) comes second in each case - 21% of them worry about saving, while 26% worry about keeping up with the cost of living. So they're less worried than the youngest people, but more worried than the over-35s.

•  People aged 35-44 worry more than the other age groups about what would happen if they lost their job (14%).

So, as you get older, it appears that some of the financial strain disappears. For example, over-65s are over four times as likely (41%) to agree that 'I never worry about my finances' as 18-24 year-olds are (9%). However, older people have different things to worry about. Of all the age groups, 55-64 year-olds worry most about what would happen to their family if they died (8%).

What can you do about money worries?

The best way to avoid money worries is to be prepared. Do what you can to increase your income and cut your costs - if you're regularly spending more than you're earning, it's only a matter of time before things get serious.

And products like income protection, critical illness and mortgage protection insurance can help you if you're unable to work - whether that's because of an illness or another reason. Insurance policies like these can help you to keep up with the bills and other expenses while you get back on your feet. Life insurance is designed to protect your family if you die.

Insurance is all about putting safety nets in place, just in case something goes wrong. If you're not sure about which insurance products you might need or how they work, you should contact an expert who could help you.

Sometimes, though, things go wrong when you least expect them to - or when you haven't got the appropriate safety nets in place. For example, you might find yourself unable to pay your debts due to a change in circumstances or some other reason. If this happens, it's important to remember that there's help available.

Debt Advisory Centre, for example, helps people who are struggling with their debts to get back on track. Fill in the form below to talk to a member of our team - tell them about your problems and worries and find out what kind of debt help might be right for you.

* Consumer Intelligence carried out online interviews between 5th and 11th July 2013 with a nationally representative sample of 3,425 UK adults.

by Shelley Bowers

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.