Over 17 million Brits suffer from financial anxiety

Over a third of Brits, or 17 million people, worry about their current or future financial situation on a daily basis according to moneysupermarket.com, and stress about it more than their jobs or health.

moneysupermarket.com reveals one in five adults (18 per cent) are most stressed about their financial future, for example, not being able to afford a house or a holiday while 17 per cent are most stressed about their current finances, like paying their mortgage or other monthly payments. Less people are stressed about their job (14 per cent) or health (12 per cent) in comparison.

Half the population (49 per cent) believe they could actually save money by taking better care of their finances, yet are doing nothing about it. Lack of time is a big factor when looking at why people don't sort their finances out. Worryingly only 16 per cent know they could save money if they looked for the best deals, but can't be bothered to spend the time researching the best options. Meanwhile, nearly one in ten who think they could save money (9 per cent) feel they don't have the time to sort their finances out,  and a further one in ten (9 per cent) don't understand their finances properly, or know what is best for their needs.

Kevin Mountford, head of banking at moneysupermarket.com said: "It is worrying so many people feel their finances are out of control and don't want to take a little time to put it right. People may feel pressured to ‘keep up with the Jones's' and therefore fail to rein in their spending. However, this coupled with inertia and lack of understanding is why there is glaring gap between people being stressed and scared about their finances, but not and actually doing anything about it. 

"If consumers take time to sit down, get the information they need to sort out their finances, they will find that a complete change in lifestyle is not necessarily required. Often a small change in the way people use their financial products, or simply switching to deals that are more suited to their needs can make a huge difference."

A moneysupermarket poll also shows people feel completely out of control over their finances. One in eight people (13 per cent) feel this and say their income doesn't cover their outgoings. This is not surprising when you consider people get irritated when they take the time to look at their finances. The research reveals 14 per cent of Brits get bored or frustrated trying to sort out the finances within just ten minutes. A third of Brits get bored or frustrated within half an hour.

Kevin Mountford continued: "Consumers who are feeling nervous about starting 2011 with a financial hangover should remember there are easy ways to reduce their financial outgoings. A little research on every day products such as current accounts, credit cards, energy providers and home insurance can go along way to boosting your financial situation, and really won't take too much time out of your day."