You are here: Home - Household Bills - News -

Financial troubles cause stress for almost half of UK adults

0
Written by: Paloma Kubiak
25/01/2016
Financial troubles cause stress for over 40% of the UK but more than half of consumers are unaware that utility providers and lenders have a responsibility to help those in difficulty.

Research from Equifax reveals 42% of people in the UK have experienced stress or anxiety due to financial difficulties, while 58% said they were unaware financial organisations have a duty of care if they find themselves in trouble.

The survey of 2,120 adults conducted by YouGov revealed that 48% are most likely to confide in their partner, while 46% said they’d turn to a family member when faced with financial difficulty.

It also showed that consumers are willing to speak to companies they owe money to if they found themselves struggling to make payments – 29% said they’d speak to their mortgage provider and 45% would talk to their utility provider.

Some 62% of UK adults said they would be willing to provide additional information, such as income or monthly spending, to help that company provide support in times of financial difficulty.

Only 4% would be annoyed if organisations asked about personal circumstances if they had missed a payment, and 33% said would understand why they asked.

Embarrassed about money struggles

Jake Ranson, banking and financial institutions director of Equifax UK and Ireland said: “It’s concerning that such a high proportion of the UK experience stress or anxiety because of financial difficulty. People are often embarrassed about struggling with money and the actual number of individuals affected could be substantially higher than the survey indicates.

“It’ important people notify the relevant organisation at the first sign of trouble so they can provide the necessary support. All organisations lending money have a regulatory obligation to identify customers that are financially vulnerable and treat them fairly. When someone is genuinely struggling to make payments companies can employ a range of tools to help, for example providing more time for payments to be made.”

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.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

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:
stock of the week, housebuilder, stock
Share Centre stock of the week: Taylor Wimpey

Helal Miah, investment research analyst at The Share Centre, explains why Taylor Wimpey is stock of the week.

Close