A quarter of Brits are 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 expenditure. Furthermore, 36% have not felt comfortable seeking advice from those around them, leading to stress for 24%.
However, just under a quarter (24%) believe that open discussions about their finances could positively impact their mental health. Financial expert Peter Komolafe, in collaboration with Smart Energy GB, has offered advice to enhance financial wellbeing ahead of winter.
His tips include creating a detailed budget, gradually building savings, and contacting your energy supplier for assistance if you’re struggling. Peter stated: “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.”
“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.”
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The study also discovered that 22% of adults wish they were more confident when discussing money matters. A significant 23% of Brits would prefer their loved ones to share their financial worries, so they wouldn’t feel as stressed.
When it comes to seeking help with money concerns, 72% would turn to family, while 45% would confide in friends.
The majority of Brits are most concerned about their energy bills during the winter (58%), with only a small fraction (9%) being most worried in the summer.
For those who have a smart meter at home, a whopping 60% agree that it has helped them gain a better understanding of their energy expenditure.
Phillippa Brown from Smart Energy GB commented: “Discussing financial worries can be intimidating, but it can provide real relief during stressful periods. If you’re struggling with an energy bill, a crucial first step is to speak to your energy provider, as they can inform you about the support available.”
PETER KOMOLAFE’S TOP 5 WAYS TO IMPROVE YOUR FINANCIAL WELLBEING:
- Have an intentional budget. Make a detailed list of all the money you have coming in, and everything going out each month separated into three pots – essentials, like bills and groceries; non-essentials like subscriptions or streaming services; and a savings pot.
- Slowly build a savings buffer. Regularly putting even a very small amount of money into a savings pot will mean you are less reliant on credit cards or overdrafts, and give a bit more security in case of unexpected costs.
- Don’t be afraid to talk and ask for help. Talking about your financial worries can be scary, but it will help you feel less alone and could help you find potential solutions. But it’s not just about friends and family. For example, if you’re struggling to pay an energy bill, talk to your supplier as they can let you know what support is available. One thing they could do is install a smart meter, which could help give you more control over your energy use.
- Be proactive with your finances. We all want to do things we enjoy, whether that’s eating out or going on holidays. By planning ahead and accounting for these expenses, you’ll have something to look forward to without the financial pressure you might otherwise have had.
- Control the controllables. Times are tough for many people right now, but if you can try to tune out external negativity and control what’s within your power to control, it can help you find a sense of peace and focus that will really help improve your mental wellbeing.