Finances are a huge concern for the majority of Britons
In a survey led by Unity Mutual, 2,000 people in the UK aged 18-80 were asked to lend their thoughts on finances. The data was collected during February 2024. Comprising an even split of genders and set across all regions of the United Kingdom, the report shone the spotlight on how Britons feel about their current financial situation.
How does your current financial situation make you feel?
Almost six in ten Britons (58%) say they are stressed about their current financial situation, with females worrying ten percent more than men. The impact of this leads to a number of negative issues like; 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%).
What worries you the most?
The rising cost-of-living came out on top (58%), followed by not enough saved in case of emergency (35%), something going wrong at home which would cost a lot to fix (28%) and not paying enough into a pension (18%).
Those in their 20s and 30s are worried about high property and mortgage costs (24%) while those in their 40s are worried about their mortgage going up (21%).
Do you have any financial regrets?
More than half the nation (51%) have financial regrets which include 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%), choosing a better paid job or career (29%) and not paying enough into a pension each month (24%). 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 advice would you give your younger self?
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%)
Save a set amount each month (36%).
Reducing Your Debt: Things to Consider
If you’ve vowed to make some positive financial changes this year, we share some ways British consumers are cutting back, in a bid to rid themselves of debt.
Read moreMental Health Vs Finances
From anxiety about paying your monthly bills to the threat of redundancy during the cost-of-living crisis, we focus on the challenges some of you may be facing, as well as where to seek help if you feel you need it.
Read moreLifetime ISA*
Ready to dive onto the property ladder, or maybe even planning for retirement? Grab up to £1,000 per year in free money from your Government bonus, 4% interest from us and never pay a penny in fees to get on your way to your deposit in no time!
Read moreFlexible ISA*
A Stocks & Shares ISA that comes with a little more peace of mind. A long-term way to save, without the worry of your money being under lock and key. Emergencies crop up all the time, if you really need it, you can access it.
Read moreJunior ISA*
Invest in a Junior ISA, and any of your child’s loved ones can contribute until they turn 18. You can even grab a free First Aid class, with Mini First Aid, our treat!
Read moreGuaranteed Investment Bond*
Our Guaranteed Investment Bonds (GIB) are a safe place to invest a lump sum for 5 years, and let it grow with complete peace of mind. Invest for 5 years and receive an interest rate of 4% per annum gross, equivalent to an overall return of 21.66% over the five year period.
Read moreInterested in the Full Report?
You can view all of the data here.
*Terms and Conditions apply to all products.
