Consumers Waste Two Years 'Worrying Over Debt'

Most people in the UK have some sort of debt, whether it is credit or store cards, personal loans or hire purchase finance, or simply a mortgage. And we all worry about it from time to time.

New research has revealed exactly how much time we spend worrying about our debt. Apparently the average Briton spends two years of their life worrying about their financial situation.

In addition, where you live can also affect the amount of time you spend worrying. It is not clear if this means you have more debt or just more worry.
Co-operative Financial Services, who commissioned the research, has found that nearly eight out of ten people in the north-west are stressed about debt, followed by just over three quarters of people in London. Across the country nearly half of the 3,000 adults polled by the firm commented that they were concerned about their finances.

Those said to be most worried were undergraduates and recent graduates, who were found to spend close to two days every month attempting to balance the books. Whilst the over 55s wasted the least time on money matters, with 9 in 10 dedicating an average of 2 and a half hours per week.

The research also revealed that in gender stakes it is women who are the biggest ‘worriers’ when it comes to money matters, and less likely to possess a savings product than their financially savvy male counterparts. A Co-Operative Bank savings product manager called the figures distressing.

"It is worryingly clear from the research that the vast majority of UK adults are deeply concerned about their finances, with rising levels of debt and inadequate saving provisions responsible for countless sleepless nights nationwide," he said.

It seems we may be right to worry about our financial situation as money charity Credit Action comments that people in the UK are currently in more than £1.3 trillion-worth of arrears.

If you would like to know more about debt why not ask AnswerBank Business and Finance.