1 in 8 worry about debt "all the time"

The Momentum UK Team 21 January 2014

Debt is a constant worry for more than 1 in 8 of us, according to a new survey conducted to mark Debt Awareness Week.

A new survey, carried out by the Debt Advisory Centre, has revealed the extent to which debt problems can affect different aspects of people’s lives. The results found that half of people with debt worries say it keeps them awake at night, and a third say it’s putting strains on their relationships.

It was revealed that a third of UK adults worry about their debts either “often” or “all the time”, with only 6.5% of people with debt saying they “never” worry about it. These worries are affecting people’s lives in a variety of ways, as highlighted by the report; just over 15% of those worried about debt said their performance at work had suffered as a result.

Concerningly, just over a third (35.3%) said relationships with their family were becoming strained because of their debt, while 14% said friendships were suffering. Over 30% of people with money worries said that they thought their mental health had been affected, with 28.7% reporting effects on their physical health and wellbeing.

The results varied by age, with those aged 25-34 being the most likely to worry about debt “all the time”.

Ian Williams of the Debt Advisory Centre said:

“With Debt Awareness Week now underway, it’s clear a large number of us feel under stress because of our debts. While it’s natural to worry about money from time to time, if this has become a regular occurrence it’s a real concern.

“It is particularly worrying that many of those with debts feel their health and wellbeing is being affected by it. If you can’t sleep at night because the stress of debt is keeping you awake, or if you think it’s causing your relationships to suffer, then it is probably time to seek expert debt help.”

Debt Awareness Week continues all this week.