Concerns about money are a cause of stress for one in three workers across the UK, according to a new set of figures.
That equates to in excess of 20 million people throughout the country who are worried about their finances, with debt inevitably being a major issue for a significant proportion of those people.
Managing your money can of course be more difficult if you’re on a low income but being in a higher wage bracket is by no means a guarantee that you’ll avoid financial worries altogether.
Research by a company called Neyber suggests that in the UK around 70 per cent of people who earn between £10,000 and £19,000 annually are affected by financial stress.
But almost half (46 per cent) of people who earn in excess of £70,000 a year also find themselves being consistently worried about money.
Neyber, which provides help to employers in supporting their staff with financial management, found from its research that for a great many people it’s a real challenge simply to get from one payday to another.
The company found that more than a quarter of employed people use credit cards to get by, with a third saying they struggle to cover the costs of the resulting debts each month.
Among those polled by Neyber, the average debt was found to be £7,555, which represents around a third of the average salary amount.
Roughly one in three people were found to have less than £1,000 set aside as savings, which could make them vulnerable to serious financial problems if they’re met with an urgent need to cover unexpected costs.
It is also understood that financial worries among employees across all industry sectors in the UK are now an important factor in making people less productive in their jobs, which is reckoned to be costing employers billions of pounds a year.
The suggestion from Neyber is that employers should be doing much more than they currently are to support the members of their workforce in managing their money and avoiding serious debt problems.
If you live anywhere in Scotland and you’re worried about your personal debts then Scotland Debt Solutions can help. Contact us any time to arrange a FREE and confidential consultation.
The number of Scots who have missed energy bill payments because they couldn’t afford to make them has increased sharply since 2020, according to a new set of figures.
Millions of low-income households across the UK are being dragged down by debts they accumulated during the pandemic.
Our Scottish based team can help advise you on your debt problems.