Money Worries are Costing Brits 71 Sleepless Nights a Year

Attending to your personal finances was second only to improving health and wellbeing as the nation’s top New Year’s Resolution. So if you are worried about your finance, you are far from alone. The average Brit is suffering more than 70 sleepless nights a year over money worries, according to new research.

The average person has almost six broken nights a month, adding up to over 71 a year. And it’s not just our sleep that is suffering – over a quarter of people admit that cash concerns are wreaking havoc with relationships. Four in ten said they have had serious arguments with their partner and one in ten has fallen out with a family member and a friend.

But despite the worries, many people have an ‘ostrich’ approach to finance, according to a poll of 2,000 people by inclusive bank Pockit. Over a third “spend more than they save” and admitted they do not look at their bank statements because they know it will be bad news. One in five said they would be shocked if they knew how much they owed on credit cards and one in ten does not know their overdraft limit.

Virraj Jatania (corr), founder and CEO of Pockit, said: “Sadly there are many people who struggle to make ends meet, either because they don’t earn enough or because they have lost track of their personal finances. In a climate where we know the value of the pound is dropping and the cost of basic living is going up, with shoppers being warned to expect more price rises, this is very worrying. Often there seems to be no way out for people who live on a tight budget. Our researchers found that more than a third of people are choosing not to even look at their bank statements because they’re frightened of the consequences.”

The study found that six in 10 constantly worry about being to meet the cost of unexpected bills like car repairs or home maintenance. A quarter confess they can’t make their wage packet last for the whole month, 22 per cent say they can’t afford to socialise and 17 per cent are unhappy they’re unable to treat or spoil their children. A third of people said they had “lost track” of old bank accounts, such as accounts they took out as students.

Less than a quarter know exactly how much money they have in their bank account at any given time and only 14 per cent could say how much they owed on store cards and loans. One in 10 has had to take on a second job to make ends meet and one in 20 has LOST a job as a direct result of their worries. Fifteen per cent said there aren’t any banks which will give them a credit card and 13 per cent said they were unable to secure a bank loan.



Subscribe to our Newsletters

CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.



Ideal job?
job title, keywords
Where?
city, state, zip
jobs by job search

Advertise here

Contact us for info