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