Sunday, 14 April 2019 15:16

Most people in work have money anxiety

It used to be that the majority of people who worried about money were people who didn't have a regular income, the unemployed, the retired etc but not now. Fast forward to February 2019, however, and regardless of whether you're working or unemployed, it seems that money worries are still prevalent.

Research undertaken by a financial wellbeing organisation shows that over 92 per cent of 5,300 employees questioned is worried about money - despite having a regular wage going into their account every month.

The above figure is worrying to say the least. Almost all of the 5,000 working people are still concerned about money, despite working all hours god sends. It says something about the society that we live in when the working population do not feel financially comfortable or stable. Further investigation also shows that 67 per cent of people worry about the state of their finances daily and over 45 per cent of people lose sleep regularly because of financial turmoil.

The biggest concern to people was that they had no financial safety net and admitted that they lived so close to the bone that if a financial emergency cropped up, they wouldn't have enough money to sort it. Only five per cent of people questioned said they were actively saving for retirement.

The demographic who were struggling to manage their money and had the most anxiety about finances, were, unsurprisingly, the 23-38 category. They were the group of people most likely to say they had nothing in the form of savings and didn't have much money left over once they had paid mortgage payments and bills.

It isn't all wonderful news in the middle-age camp either? Nearly half of all 50+ people questioned said that they still had money worries that related to not having enough money built up to retire, and added that their outgoings were still too high.

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