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Is money on your mind? 

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We wanted to find out about the impact the current economic climate is having on savers, so we commissioned some national research to help us paint a picture of the money worries Brits are facing at the moment.

Our research shows that adults spend an average of 28 minutes each day thinking about their finances, which works out at around an entire week each year.

More than a quarter of the people we surveyed also admitted they felt this is having a negative impact on their mental health.

Money worries taking their toll

A quarter of adults admitted to being distracted during their working day thinking about how to manage their finances, while 15 per cent have even been preoccupied with cash woes while driving and 13 per cent whilst socialising with friends.

Some of the most common money worries relate to how much money will be left after the main outgoings (37 per cent) and paying household bills (36 per cent). How to cope if a financial situation changes (25 per cent), how much money to save in a savings account (31 per cent) and paying off debts (22 per cent) were among other worries.

Our study also found more than a quarter of adults have avoided talking about money and 27 per cent have even had a big falling out with their other half due to issues with their finances. Currently, 16 per cent are keeping money related secrets from their loved ones and 14 per cent admitted they struggle to find the right time to bring up the topic.

The findings also show that thinking about finances leaves one in three feeling anxious and a quarter of Brits feeling concerned.

In addition to this, more than half said their financial fears have increased with age and 17 per cent wish there was more help and advice available.

The impact of Covid-19

The current economic climate has also had a big impact on people’s finances, with 27 per cent of adults saying their money woes have increased in the last six months during lockdown.

One in ten have worried about not being able to afford enough food and almost one in five have been concerned about not being able to pay their bills.

More than a third are seriously worried about losing their job and their income due to the pandemic.

Finally, our research found that 11 per cent of Brits have already had to take a pay cut this year, while 16 per cent were put on furlough and one in 20 had to turn to friends and family for financial help.

There is help available

These findings show that money worries really are taking their toll on the nation. However, there is help available for those who are struggling to make ends meet during these tough times.

Loads of information is available on the NHS website to help manage money related stress. Find out more here.

We’ve also put together a useful digital guide full of financial tips to help you get organised during a recession. Download our free guide here.

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*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551