Money Wellness
A piggy bank sheltering from the rain under an umbrella
category icondebts
calendar icon24 Oct 2023

One in ten feel they have made a bad decision about debt

A tenth of people in the UK feel they have made a bad decision about their debt in the past two years, a new report has revealed.

Research sponsored by Standard Life found the cost-of-living crisis is affecting people’s confidence when it comes to making financial decisions.

What the survey found

  • almost two fifths (37%) are more cautious now when making decisions relating to money
  • two fifths (40%) have felt stressed about financial decisions they’ve had to make over the past two years
  • nearly a third (32%) feel anxious about their finances at the moment
  • over a quarter (27%) are coping at the moment but will struggle if prices continue to rise
  • over two fifths (42%) would value guidance on dealing with money

Increase in financial vulnerability

Riffat Tufail from Standard Life said:

“We’re seeing an increase in financial vulnerability at the moment, and it’s no surprise that this is hitting people’s confidence in making decisions about their money.”

If you need debt help

Look no further. We offer free debt help and can support you with:

  • making a budget
  • checking you’re getting all the benefits available to you
  • seeing if you’re eligible to apply for any grants
  • advice on debt solutions that may be able to lower your monthly payments and even write off some debt

All our advice is free, so talking to us and checking if you’re eligible for any extra benefits or grants won’t cost you a thing and it won’t affect your credit rating.

Some debt solutions are also free. For others, there’s a charge. Debt solutions are likely to affect your credit rating.  

We'll talk you through your options and make sure you understand how any solutions we recommend would affect your life. Customers tell us time and again that they feel like a weight's been lifted from their shoulders after speaking to us.

Avatar of Rebecca Routledge

Rebecca Routledge

A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.

Related posts

debts

12 Apr 2024

Brits spend £1.4 billion a year on overdrafts

If you're in need of debt advice, we can help.

debts

12 Apr 2024

Nearly one in ten people borrow money to fund food shops, Lenvi finds

Lenvi’s recent report on buy now, pay later (BNPL) loans and products gives us insight into people’s reasons for borrowing.

debts

11 Apr 2024

Vulnerable and minority groups are twice as likely to use unregulated buy now, pay later loans

Unregulated BNPL loans are causing the most vulnerable and minority groups in the UK to be at risk of debt to them.

debts

11 Apr 2024

Young people are three times more likely than older generations to have their mental health impacted by money worries

If you're aged 18-34 and struggling with debt and mental health, find out what help is available. You're not alone.