Why women worry about money - and what to do about it

According to research from Debt Advisory Centre, money comes very high on the list when it comes to what causes women the most anxiety on a daily basis.

As part of the Women and Debt report conducted for Debt Advisory Centre, 2,500 women were asked what makes them the most anxious out of relationships, health, family/children, work, physical appearance and money.

When women in Yorkshire were asked what they worried about the most out of these key life areas, money comes third – family and health were the only things that Yorkshire women worry about more.

When you look at the whole country however, money actually comes in first, with 30% of all women saying it causes them the most anxiety.

What causes the anxiety?

It seems other factors in life can have an effect on why women worry about money, and how much they worry about it. For example, for single mums money is the number one concern, with 4 in 10 saying it’s the main thing that keeps them awake at night.

When you take into account the added financial demands that having children can create, it’s not hard to see why money is the main concern in a single parent household.

The cycle of anxiety

It’s also clear that the stress of worrying about money can have an effect on other areas of a someone’s life, particularly if the anxiety is caused because you have unmanageable debt.

Worryingly, 33% of Yorkshire women say that they have noticed the negative effect anxiety about money has had on their well-being. Overall, two thirds of women questioned said their physical and mental health has suffered because of money worries. This shows that concerns about your financial situation don’t just exist on their own, and can in many cases increase your anxiety relating to other important aspects of your life.

There’s help out there

Everyone goes through difficult financial patches at some point in their lives, and to worry about money to a certain extent is normal. But for those women who feel they are locked into a negative cycle of anxiety about money, there is help out there.

Whether you’re anxious about paying important bills like your rent, or being able to afford everything your children need, there’s lots of free and impartial advice available from the Money Advice Service. And for single parents looking for advice and practical support the charity Gingerbread can offer lots of help.

If you feel that anxiety has become a real problem in your life, you should book an appointment with your GP who can tell you how best to combat the problem.

Debt Advisory Centre: 0161 871 4881