Quarter Of Brits Face Financial Trouble In Emergencies
Personal finances are a major cause of stress for many people, and facing debt problems and work pressures is one of the main reasons why people seek out counselling in Manchester.
This is because 25 per cent of Brits do not have money set aside for emergencies, so when something does go wrong, they are not able to cope financially.
Recent findings from GoCompare Money reported that people only have £1,300 in savings, but as much as 42 per cent have less than £500 put aside should they have an unexpected cost, large bill, or lose their job.
Consumer advocate at the firm Georgie Frost said savings are “essential” these days, stating: “Ask yourself how you could cope financially should something go wrong, perhaps with your car or your boiler, or you lose your job or become sick. Without an emergency pot of money to dip into, you might have to borrow to cover unexpected bills, which could leave you further out of pocket in the long run.”
Indeed, people who do not have savings and have to borrow to get themselves out of money problems find themselves in a spiral of debt. The pressure and stress to find the cash can be debilitating and often they end up suffering from anxiety or depression as a result.
While 86 per cent of adults do not feel prepared if there was to be another credit crunch, GoCompare Money revealed a fifth do not trust banks after the economic crisis.
Of course, many Brits might not be able to save as much as they hope, no matter how hard they try. This could exacerbate the stress they feel at work, with 59 per cent of people in the UK claiming their job is their biggest cause of worry, according to Perkbox’s 2018 Workplace Stress Survey.
Financial concerns were also high on the list, with 45 per cent of those surveyed most stressed about their money troubles.