Cost of living crisis continues to bite a quarter of Brits
A poll, of 2,000 adults, found finances are still a main concern for 41 per cent of the nation.
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Hide AdEnergy bills (36 per cent), groceries (32 per cent) and car costs (13 per cent) are the biggest drain on Brits’ daily spend.
And 36 per cent haven’t felt able to ask for advice from anyone around them, leaving 24 per cent feeling stressed.
But just under a quarter (24 per cent) feel having open conversations about their finances could have a positive impact on their mental health.
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Hide AdTo help people with their cash-flow, financial expert Peter Komolafe has offered advice to boost financial wellbeing.
This includes creating a detailed budget, slowly building up savings, and reaching out to your energy supplier for help if you are struggling.
Top money-saving tips
Working in partnership with Smart Energy GB, to share his top money saving tips ahead of the winter, Peter said: “Money worries can be stressful, but it’s important to know there are simple steps you can take to both alleviate the pressure and help you feel better.
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Hide Ad“If you’re struggling with money, it’s really important to talk to someone, whether that’s friends or family, or even your energy supplier.
“They could offer you a smart meter to give you a better understanding of how much you’re spending on energy and find ways to reduce it.”
The research also found 22 per cent of adults wish they felt more confident when talking about money.
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Hide AdAnd 23 per cent would rather their loved ones shared their financial concerns, so they wouldn’t feel so stressed.
Of those who will ask someone for help with money worries, 72 per cent would ask family, while 45 per cent would go to friends.
Brits are overwhelmingly most worried about their energy bills during winter (58 per cent), with only nine per cent most concerned in the summer.
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Hide AdAnd for those who have a smart meter at home, 60 per cent agree that it has helped them get a better understanding of how much they spend on energy.
Phillippa Brown from Smart Energy GB added: “Talking about financial worries can be daunting, but it can be a real relief for people during stressful times.
“If you’re having problems paying an energy bill, an important first step is to talk to your energy supplier, as they can tell you what support is available."
Peter Komolafe’s top 5 ways to boost your financial wellbeing:
- Have an intentional budget. Make a detailed list of all the money you have coming in, and everything going out each month separated into three pots – essentials, like bills and groceries; non-essentials like subscriptions or streaming services; and a savings pot.
- Slowly build a savings buffer. Regularly putting even a very small amount of money into a savings pot will mean you are less reliant on credit cards or overdrafts, and give a bit more security in case of unexpected costs.
- Don’t be afraid to talk and ask for help. Talking about your financial worries can be scary, but it will help you feel less alone and could help you find potential solutions. But it’s not just about friends and family. For example, if you’re struggling to pay an energy bill, talk to your supplier as they can let you know what support is available. One thing they could do is install a smart meter, which could help give you more control over your energy use.
- Be proactive with your finances. We all want to do things we enjoy, whether that’s eating out or going on holidays. By planning ahead and accounting for these expenses, you’ll have something to look forward to without the financial pressure you might otherwise have had.
- Control the controllables. Times are tough for many people right now, but if you can try to tune out external negativity and control what’s within your power to control, it can help you find a sense of peace and focus that will really help improve your mental wellbeing.
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