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    Sunday, 13 August 2017 17:24

    Figures show millions of Brits are hiding their money troubles from loved ones Featured

    Money Troubles Money Troubles

    Debt problems are part and parcel of life these days unfortunately. It seems that everyone, in some capacity, seems to be conscious and even concerned about the amount of money that goes out of their account every month.

    Whilst some money struggle is normal and just part of living a grown-up lifestyle, however, severe anxiety about money is not. Despite this, more and more people are being referred to mental health organisations as they feel they are getting bogged down with money woes and are consistently waking up in the middle of the night fretting about their accounts. Many people also report that they spend hours upon hours in the day worrying about bills going out and whether they will be able to make repayments when they are due.

    It isn’t just ourselves that we need to be worrying about when it comes to money either. According to a recent survey, over 8.5million people are stressed about money but are dealing with the problem alone as they are too frightened or embarrassed to tell loved ones the real financial position that they are in. This made us question: Just how many of our readers would be able to spot if someone in their family was struggling and had cash-flow issues? We believe that the answer to this would be very few.  

    Because people won’t even open up to loved ones about how they are feeling, it is anticipated that more and more people are getting depressed because they are not unburdening their money worries, which is leading to their anxiety spiralling out of control.

    We believe that people should make it their mission to talk openly and honestly about money worries. Money has long been a taboo subject whereby people don’t like to discuss these matters with friends and family through fear of prying or being nosy and delving into other people’s business – but if we don’t open up to people, how can people help and offer quality advice?

    If you or anybody that you know is suffering with money problems, but aren’t the best at talking about it, there are many confidential services that can be accessed whereby you can talk to trained professionals about your money concerns.

    Again, figures highlight that simply talking to someone about the problem could help nearly 80 per cent of people feel better and take a different approach to handling their cash. Sometimes, it takes an outsider to see where finances are being managed wrong and once this issue has been addressed, people will start to see a real difference in the balancing of the books.

    Money worries affect people from all walks of life and there is absolutely nothing to be ashamed about if you or someone you know is struggling to make ends meet.

    From our own research, it is clear to see that there are particular demographics that have a harder time than others. For example, young couples and single parents will struggle to make ends meet as there is a direct correlation between these groups of people and the times that we live in. Energy prices are higher these days, rent and mortgage payments are higher than they have ever been and the cost of living is generally astronomical compared to generations previous. You’ll not be surprised to learn that people over the age of 65 are believed to have the least financial worries.

    Basically, what we are trying to say is that anybody at any time in their life can fall on hard times and a lot of the time simply opening up to either friends, relatives or somebody anonymous at a credit helpline will help.

    In the meantime, it is wise to keep a reign on the spending and only spend what you can comfortably afford.

    You should also monitor loved ones’ behaviour when it comes to spending too. You never know what a person is going through. Watch out for behaviours such as being overly tired and grouchy as this could signal a lack of sleep due to money woes; you should also keep an eye if they have to have the latest fashionable items such as clothes and phones, but don’t appear to have the money to pay for these things outright – this could signal that they have a spending problem. They know that they can’t afford the latest gadgets and clothes but have to have them anyway. 

    All things that are out of the ordinary could signal an issue with money.

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    Warning: Late repayment can cause you serious money problems. For help, go to the MoneyAdviceService.org.uk 

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