Half of Brits feel stressed about money

A growing number of people are feeling anxious about money, new research has found.

According to Yorkshire Building Society (YBS), more than half of people (55%) feel stressed about their finances.

That’s up from 45% in 2023.

Many are also feeling pessimistic about the future.

In fact, nearly seven in ten (69%) said they think their outgoings will increase in the next six months.

Many people anxious ahead of Budget

One issue on people’s minds is the chancellor’s upcoming Budget on Wednesday (26 November).

Three-quarters (75%) of those polled said they think they’ll be affected by government policies on tax and regulation.

Rumours of a possible cut to the cash ISA allowance is a particular concern.

In fact, nearly half (48%) of people with a cash ISA said any reduction to the £20,000 allowance would impact them.

“These findings highlight the very real pressures households are facing and the anxiety it is causing,” said Chris Irwin, director of savings at YBS.

“Behind every statistic is someone making tough choices - whether that’s cutting back on spending or worrying about how to save for the future.”

What can I do if I’m worried about money?

If you’re feeling anxious about your finances, there are practical steps you can take to get on a firmer footing.

Look at your spending

It’s important to know how much money you have coming in and exactly where it’s going.

You can then prioritise your spending and see where savings could be made.

Check out our guide to how to create a budget to get started, and give our budget planner a try - it’s free and easy to use.

See what benefits you could claim

You might be eligible for financial support from the government without realising it.

So use our benefits calculator to find out what help you could be entitled to claim.

Deal with problem debts

If you’re struggling with debt, get in touch for confidential, practical and impartial debt advice.