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Britons think Brexit and rising living costs will make them more financially stressed this year, new research reveals Britons think Brexit and rising living costs will make them more financially stressed this year, new research reveals
(about 4 hours later)
Millions of Britons already worried about their finances think things are going to get worse this year as a result of Brexit and rising living costs, new research has revealed.Millions of Britons already worried about their finances think things are going to get worse this year as a result of Brexit and rising living costs, new research has revealed.
Almost half of UK adults believe their financial anxiety is going to deteriorate in 2018, with 32 per cent citing the rising cost of living as the main reason, according to a survey by comparison website MoneySuperMarket.Almost half of UK adults believe their financial anxiety is going to deteriorate in 2018, with 32 per cent citing the rising cost of living as the main reason, according to a survey by comparison website MoneySuperMarket.
Meanwhile, 20 per cent said that they were concerned by the impact of Brexit and political uncertainty.Meanwhile, 20 per cent said that they were concerned by the impact of Brexit and political uncertainty.
“It’s little wonder people are worried about their finances. Inflation crept up in December and the economic outlook for 2018 is at best uncertain, given concerns about wage stagnation, Brexit and the possibility of further interest rate rises,” said Kevin Pratt, consumer affairs expert at MoneySuperMarket.“It’s little wonder people are worried about their finances. Inflation crept up in December and the economic outlook for 2018 is at best uncertain, given concerns about wage stagnation, Brexit and the possibility of further interest rate rises,” said Kevin Pratt, consumer affairs expert at MoneySuperMarket.
The research, which questioned 2,000 UK adults, showed that money worries are the main cause of stress for 29 per cent of people  – with many feeling overwhelmed or exhausted. The research, which questioned 2,000 UK adults, showed that money worries are the main cause of stress for 29 per cent of people – with many feeling overwhelmed or exhausted.
It also found that 51 per cent of UK adults are regularly anxious about their finances, with younger people suffering more than their older counterparts.It also found that 51 per cent of UK adults are regularly anxious about their finances, with younger people suffering more than their older counterparts.
Women are feeling the strain the most, with 58 per cent of all women questioned saying they worry about money regularly compared to 43 per cent of all men. Women are feeling the strain the most, with 58 per cent of all women questioned saying they worry about money regularly, compared to 43 per cent of all men.
Over half of those stressed about their finances say other parts of their lives are being affected in a negative way.Over half of those stressed about their finances say other parts of their lives are being affected in a negative way.
A third believe their money worries impact their health, while 21 per cent admit their relationship with their partner or spouse has suffered because of finances.A third believe their money worries impact their health, while 21 per cent admit their relationship with their partner or spouse has suffered because of finances.
The squeeze on household incomes tightened last year, with inflation hitting 3.1 per cent in November - outpacing wage growth. Interest rates also rose for the first time in more than 10 years to 0.50 per cent, putting further pressure on household budgets. The squeeze on household incomes tightened last year, with inflation hitting 3.1 per cent in November – outpacing wage growth. Interest rates also rose for the first time in more than 10 years to 0.50 per cent, putting further pressure on household budgets.
“Households need to get to grips with the costs they can control - that means making sure they’re not overpaying on bills such as energy and insurance,” said Mr Pratt “Households need to get to grips with the costs they can control - that means making sure they’re not overpaying on bills such as energy and insurance,” said Mr Pratt.
“Tactics such as switching credit card to save on interest payments and changing current account to earn cashback should also be considered,” he added.“Tactics such as switching credit card to save on interest payments and changing current account to earn cashback should also be considered,” he added.