A money expert tackles top cash concerns as poll reveals nation’s biggest financial fears
Virgin Money share financial advice for the new year
Brits are tossing and turning this January, with a new poll revealing it’s the most stressful month of the year for money worries – and many are losing sleep as a result. Alina Jaffer, a money expert from Virgin Money, was put in the hot seat to answer the nation’s most pressing financial questions, aiming to help ease the stress and provide practical advice.
The poll of 2,000 adults found January is officially the toughest month for finances, with sky-high energy bills causing the most concern. A quarter of people said they’re anxious about saving money or being hit by unexpected expenses at the start of the year.
Many are also feeling the pressure to clear holiday debt, pay off car-related costs, and tackle mounting credit card bills. The research, commissioned by Virgin Money, showed 16% struggle to balance the books after festive spending, with the average person needing to cut back by £212 in the first three months of the year just to get back on track.
To cope with the financial squeeze, many Brits plan to slash non-essential spending, hunt for discounts and special offers, and delay big purchases until later in the year.
But even with these tactics, it’s not enough for everyone as 43% admitted they’ve lost sleep over money worries, with those affected lying awake an average of three nights a week and losing up to three and a half hours’ sleep on the worst nights.
What’s more, money concerns are taking a toll on daily life, with 31% feeling stressed or anxious and 20% saying they feel completely overwhelmed.
Alina Jaffer said: “Often, vocalising our feelings and worries can do the world of good. A good conversation can add some perspective and a fresh view which could make all the difference.”
When it comes to talking about money worries, 22% admitted hearing others discuss their financial concerns made them feel better about their own, helped them to realise they are not the only ones to face similar challenges and reassured them their feelings are normal.
A one-on-one chat with a trusted friend or family member was the most preferred option or a private conversation with a professional – 51% said their bank was helpful at dealing with their worries – but 26% don’t talk about them at all.
The research, carried out by OnePoll.com, comes as Virgin Money continues to encourage people to take money worries off their minds this January.
Its branch teams, trained with the support of mental health charities Mind and SAMH (Scottish Action for Mental Health), are ready to have conversations with anyone who might be struggling or have questions.
Virgin Money has also confirmed all its branches will be staying open until at least 2030, following the recent extension of its Branch Promise.
Alina added: “If you don’t feel you’ve got someone you can open up to, we have colleagues on hand to listen as we know that financial pressures can weigh heavily at this time of year. Our door is open for anyone who needs support, so take money worries off your mind and come and have a chat with one of our colleagues.”
BRITS TOP 10 MONEY WORRIES IN JANUARY
1. Worry about higher energy bills in winter
2. Difficulty saving any money
3. Worry about unexpected expenses
4. Stress about clearing festive spending or holiday debt
5. Concern about car-related costs
6. Worry about credit card debt
7. Struggling to afford social activities after Christmas
8. Struggling to pay household bills
9. Concern about council tax payments
10. Pressure to stick to New Year financial resolutions