Data from a recent Canary Claims survey reveals a huge difference between men and women in their stress over finances.
In May 2018, Mental Health Awareness Week focused on stress. Stress can have an impact on all of us both physically and mentally. During the week, it was noted how much worrying about finances can impact our mental health. This is crucial, as dealing with money is something we all have to do on a daily basis.
PPI Claims expert Canary Claims decided to conduct research on how stressed people are about money. We look at the results and what people can do to reduce their financial stress.
We asked the question ‘How often do you feel stressed about your finances?’ and received 1675 responses from the online survey.
|Frequency||% of People|
|Once a Month||6%|
Is It Still Taboo to Discuss Money?
The results indicate that just under 60% of people feel stressed about money at some point, whether that’s on a daily or occasional basis.
This figure is hardly surprising given the increased financial strain on many households. Despite the interest rate remaining at 0.5% in May, it’s likely that it will rise to 0.75% by the end of the year. Savers will welcome the increase, but those with mortgages will see their mortgage repayments increase by £100 or more annually.
British people don’t like talking about money — nobody wants to discuss their salary, and declining going to an event due to lack of funds can often make people feel embarrassed. But with nearly 60% of people worried about money at some point, it’s something we need to start discussing — you may realise that all of your friends are in the same boat as you when it comes to financial stress.
46% of Men Never Worry About Finances
There’s a large contrast between men and women regarding their concerns over finances. As we can see from the results, nearly 50% of men never worry about finances, compared to just 38% of women who claim to never worry.
|Once a Month||6%||6%|
Grazia revealed that 40% of women aged 18 to 34 would rather discuss politics than money. The stigma around discussing our financial concerns with friends and family could be the reason that so many women are more stressed about their situation.
However, the reasons could go deeper than this. Eight in ten UK companies still pay men more than women, with many higher-paid roles being held by men. If women are earning less, they have more reason to be concerned about their finances. Financial stress seems to be another mark of gender inequality.
How to Ease Financial Stresses
As the Canary Claims survey suggests, most of us feel stressed about our finances at some point or another — whether that’s once a week or every month when we pay our bills.
Here are a few methods you can use to ease your financial strain and stress:
1. Talk about your finances with family and friends
Talking about your finances should be the first step. If you have growing concerns, you should talk to your partner, parents or close friends. They might be able to help you and talking about it can, at least, make you feel better. A problem shared is a problem halved.
2. Reclaim PPI
If you are concerned about money, remember you still have just over a year to reclaim PPI. Millions of people have received a refund from their bank for mis-sold PPI. Some people have used the money to help pay off debt and credit cards. Read our guide about how to reclaim PPI.
3. Check if you can reduce the cost of bills
With energy prices increasing and monthly payments of council tax, rent, telephone bills and more to consider, the costs add up quickly. Keep a record of all of your outgoings in a spreadsheet and look out for potential ways to cut costs — is that subscription really a necessity?
4. Clear off debt on credit cards first
If you’re struggling with debt on credit cards, pay off your credit cards with the highest interest first. It can be stressful when you’re suffering from credit card debt, but tackling these cards can help to ease the burden.
5. Find extra ways to get cash
As well as making a PPI claim, there are a few extra ways to earn some money quickly, if you need it. Switching current accounts can often result in a £100 reward from your new provider. Selling old or unused items online or at a car boot sale is also a great way to earn some extra cash.
If you’re concerned about your finances, you’re not alone. Do what you can to ease your financial burden.
Canary Claims can help ease your financial struggle by handling your PPI claim. You don’t need to pay us any upfront fees and, if your claim is successful, we charge just 15% + VAT (18% total). Contact us today to discover if you had PPI.