Unity Mutual research reveals almost 60% of us are worried about our financial situations – so how should we reduce our financial anxieties?

We recently commissioned research into the financial worries and regrets of people across the UK – and the results speak for themselves.

Spending stresses

Almost six in 10 Brits (58%) are stressed about their current financial situation, leading to anxiety (55%), feeling worried all the time (43%), not being able to enjoy day-to-day life (39%), a negative impact on mental health (39%) and feeling helpless (33%).

Those in their 20s are the most concerned about their finances (77%), with money worries leading to 18% of them taking up bad habits like drinking and gambling. Those in their 70s are the least worried (23%).

The rising cost-of-living is our biggest financial concern (58%), followed by not having enough saved in case of an emergency (35%), something going wrong at home which would cost a lot to fix (28%), and not paying enough into a pension (18%).

 

Frets and regrets

More than half of the nation (51%) have financial regrets, including not putting money into a savings account each month (46%), wishing they’d not spent money on pointless things (43%), wishing they’d learnt about finances at a younger age (34%) and choosing a better paid job or career (29%).

Other regrets include not paying enough into a pension each month (24%) and wishing they’d started a pension at an earlier age (24%). Over one in 10 (12%) also wished they’d   married someone with more money, rising to 17% of those in their 20s and 19% of those in their 70s.

 

What we wish we’d known

The financial advice most people would give to their younger selves is to live within your means (41%), don’t overspend (39%), don’t get into debt (38%) and to save a set amount each month (36%).

 

Mrs Mummy Penny’s tips to reduce financial stress

We asked personal finance expert and social media influencer, Lynn Beattie from Mrs Mummy Penny, to share her tips to manage financial stress.

I am not surprised to see the results from the Unity Mutual survey that shows a massive 58% of Brits surveyed are stressed about their financial situation. Here are a few simple steps to take today to help you feel more in control of your finances, make some savings and feel less stressed.

• Firstly, keep a daily spending diary. The simple act of writing all your spending into a notebook at the end of each day is the key here. Think about those daily purchases: were they a need or a want? Were there any emotions linked to them? After a few weeks, you will see real patterns forming and can use this information to create a budget based on solid information.

 

• Secondly, create a reality budget of actual spending, and compare this to your income. You can then create a target budget where you can shave savings from most categories. Cancel any unnecessary direct debits, negotiate better deals on your bills, and then see how you can reduce your day-to-day spending, on things like food and fuel. This method takes some time commitment, but will give you a real understanding of your spending and a goal to aim towards that will give you a much tighter control of your financial situation.

 

For more frugal tips, visit Mrs Mummy Penny’s blog: www.mrsmummypenny.co.uk

Unity Mutual offers a range of financial products for all the family, which are simple, flexible and affordable. Products include a Lifetime ISA, a Flexible ISA, an Investment Bond and Tax Free Savings Plans, plus a variety of savings products for children. Terms and conditions apply for all products. To view these or to find out more about Unity Mutual, please visit www.unitymutual.co.uk.