You are here: Home - Household Bills - News -

90% of Brits in debt suffer with stress

0
Written by: Danielle Levy
22/03/2019

A study by comparethemarket, the comparison site, found that 45% of Brits are currently in debt (excluding mortgages and student loans), which is an estimated 24.1m individuals across the country.

Breaking down the numbers, comparethemarket found that 25-34-year-olds were most likely to owe money, with 54% of millennials admitting to being in debt. Half of 35-44 year olds surveyed also admitted to having debt.

For those who are in debt, the research found that 48% required the money to cover everyday living expenses, followed by 15% who needed help with housing costs.

It is also worrying to note comparethemarket’s finding that a quarter of Brits did not know how much debt they were in. Meanwhile, one in four of those with a partner surveyed admitted to hiding debt from their other half, with a significant 52% revealing that it had caused arguments in their personal lives.

In addition, nine in 10 of those in debt said they struggled with stress and anxiety as a result, with those aged between 18 and 34 more likely to worry about debt on a daily basis.

Even amongst those who weren’t in debt, 40% of respondents said it remained a source of stress and anxiety.

When it comes to credit cards, a quarter of Brits use them just to get by each month. However, 34% used them to earn cashback, points or air miles, while 24% relied on them for protection on larger purchases.

Check how much debt you’re in

Comparethemarket suggests the first step is to check your bank statement to get an idea of the amounts you pay in direct debit towards your debts. Make a note of the company names and categorise the type of debt and its value.

You can then head to some online credit score providers which can show the full extent of how much you owe. Some services may not feature your specific lender, so it’s worth trying a few out to check any differences.

What to do if you are experiencing debt-related stress

For anyone who is suffering with stress or anxiety as a result of debt, there are a number of impartial organisations you can contact who may be able to help:

https://www.moneyadviceservice.org.uk – Money Advice Service

https://www.stepchange.org/ – StepChange – Leading debt charity

https://www.citizensadvice.org.uk/ – Citizens Advice

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Look out for these stealth taxes on 6 April

With the end of the tax year in sight, investment platform Hargreaves Lansdown highlights 13 stealth tax rises that are...

Close