A quarter of Brits are still worrying about money daily as the cost-of-living crisis continues to bite. A survey of 2,000 adults revealed that finances remain a primary concern for 41% of the population. Energy bills (36%), groceries (32%), and car costs (13%) are the biggest drains on Brits’ daily spend.
Furthermore, 36% have not felt able to seek advice from anyone around them, leading to 24% feeling stressed. However, just under a quarter (24%) believe that open conversations about their finances could positively impact their mental health. To assist people with their cash-flow, financial expert Peter Komolafe has provided advice to enhance financial wellbeing.
This includes creating a detailed budget, gradually building up savings, and reaching out to your energy supplier for help if you’re struggling. In collaboration with Smart Energy GB, Peter shared his top money-saving tips ahead of winter, stating: “Money worries can be stressful, but it’s important to know there are simple steps you can take to both alleviate the pressure and help you feel better.”
The study also discovered that 22% of adults wish they were more confident when discussing money matters. Additionally, 23% would prefer if their loved ones shared their financial worries, so they wouldn’t feel as stressed. Of those who would seek help for financial concerns, 72% would turn to family, while 45% would approach friends.
Brits are predominantly most concerned about their energy bills during winter (58%), with only nine per cent being most worried in the summer. For those who have a smart meter at home, 60% agree that it has helped them gain a better understanding of their energy expenditure.
Phillippa Brown from Smart Energy GB commented: “Talking about financial worries can be daunting, but it can be a real relief for people during stressful times. If you’re having problems paying an energy bill, an important first step is to talk to your energy supplier, as they can tell you what support is available.”
Financial expert Peter Komolafe stresses it’s important to share any financial worries with families or friends. He adds, “If you’re struggling with money, it’s really important to talk to someone, whether that’s friends or family, or even your energy supplier. They could offer you a smart meter to give you a better understanding of how much you’re spending on energy and find ways to reduce it.”
In conclusion, discussing financial concerns and seeking assistance can alleviate stress and provide potential solutions. Creating a budget, saving regularly, and proactive financial planning are essential steps towards improving financial wellbeing during challenging times.