One in four (24%) say that money worries negatively affect their relationships with family and friends and nearly one in five (16%) are so worried about money they say it affects their performance at work.
New research by Lloyds Bank, parent company of Scottish Widows and a partner in the new Schroders Personal Wealth Financial Planning business, found that many people struggle to manage their money.
The area where more people worry about money than any other is the South East where 16% of people worry about money all the time, compared to just 7% in the East Midlands. The South East also had the highest rate of respondents who are not at all comfortable with their financial situation (17%).
Source: Lloyds Bank / YouGov Survey
The bank says it believes “talking about money” should be top of the resolution list for many in the New Year. It said problems are particularly acute for the middle aged. It has worked with Relate and other bodies to encourage more people to address financial pressures. A third of people (34%) say they never talk to anyone about the financial pressure they are feeling.
While one in three people overall (33%) said that concerns about money were keeping them awake at night this number rises for those aged 35-44 to 41% and for the 45-54 bracket it’s even higher at 43%.
Source: Lloyds Bank / YouGov Survey
Catherine Kehoe, director at Lloyds Bank, said: “The work we have done through our M-Word initiative highlights real benefits that can be found in being open about money worries and talking to someone you trust.
“We know that broaching the subject of money can feel overwhelming at first which is why we have created an online hub which has lots of tips to help people start those money conversations.”
Almost one in five (16%) say financial pressures have had a negative impact on their work performance. This is most prevalent in those aged between 18 and 24, with one in four (26%), feeling under the strain while at work.
In fact, almost a third (29%) of 18-24 year olds say that they have avoided addressing their finances, because of the financial strain they find themselves under.
YouGov carried out the research in 2018 and 2019 with the same individuals.