UK bank revealed number of people having financial problems

Due to the financial problems, almost 1 in 5 (16%) people have had a negative work performance

financial problems

UK bank revealed number of people having financial problems. Source: shutterstock.com

Lloyds Bank research revealed that financial pressure and money concerns have side effects on consumers’ well-being. 33% of customers surveyed said that money concerns are keeping them awake at night.

The research said that financial woes are also impacting people’s performance at work (16%) and affect their personal relationships (24%). A third (34%) of people report they don’t talk to anyone about the financial pressure they’re facing.

Our research shows that financial pressure has the potential to be a source of stress and anxiety, with many not feeling very comfortable talking about finances with loved ones. The work we have done through our M-Word initiative highlights real benefits that can be found in being open about money worries and talking to someone you trust. We know that broaching the subject of money can feel overwhelming at first which is why we have created an online hub which has lots of tips to help people start those money conversations
Catherine Kehoe, Director at Lloyds Bank

Although,  many of those, who admit to worrying about money, have a number of ideas on what would improve their financial situation. 45% of customers surveyed believe more affordable regular living expenses like fuel or groceries would change the situation.

The research highlights that 60% are prepared to reduce their spending, whereas 12% are willing to borrow money from friends and families in tough times.

Out of any region in the UK, South East has the highest money concern rate of 16%, compared to 7% in the East Midlands.

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