Money worries are biggest concern for millions of Brits, says Alliance and Leicester

04 September 2007
Money is the biggest cause for concern in life for 3.4 million Britons, research from Alliance and Leicester has revealed.

According to the research, almost a fifth of Brits worry about money on a daily basis, and nearly a third fret about it several times a week, though financial concerns are most commonly triggered by certain times of the year like Christmas, with 40 per cent of people worrying the most in the run up to the holidays, and 30 per cent finding the last few days before pay day the most vexing time.

For most, says Alliance and Leicester, financial concerns are caused by simply not being able to pay bills and lacking the sufficient budgeting skills with which to solve their self-perpetuating predicament.

Some take their money worries in hand and the mere act of cutting back on spending or raising additional cash is enough to keep their concern at bay; Sixty-two per cent of Britons do this by cutting back on holidays and other luxuries such as eating out, while thirty-seven per cent counteract it by working a second job or doing overtime.

There are also those, however, that do nothing to quash their money worries, with thirty-seven per sent of those that do worry about money choosing instead to ignore the problem by avoiding checking their bank balance or opening their bank statements, and two million react to their situation by spending even more money.

Alliance and Leicester draws attention to the fact that having the right bank account can help people to manage their money more effectively, and have noted that despite the number of people who are concerned about their financial situation, 45 per cent have still not switched banks, and 60 per cent have admitted to being with the same bank for at least ten years.

Andy Bayes, Head of Current Accounts at Alliance & Leicester said: “Money is obviously a topic at the forefront of most people’s minds. Regardless of whether money worries stem from managing day to day finances or finding the money in the run up to special times of the year, it’s crucial people check that their bank account is working hard for them. Budgeting and making cut backs is one thing, but if people are earning low rates of interest on their hard earned cash, its time to switch to a better deal.

“Considering the time people spend worrying about money, and the lengths some will go to find more, it’s surprising to see that so many customers still remain faithful to the same bank they have been with for years, which pays very little in credit interest. Times have moved on, and although money will always be something we all wish we had more of, banking with a competitive account is one way to lessen the burden. What’s more, switching current accounts has never been so simple and easy so there is no better time than now to make the change.”

Get debt advice and compare savings and current account banking options