Your Money Haven

Brits spend 2 years 'stressing over debt'

04 March 2008

Britons are so alarmed about the state of their finances that they spend an average of 730 sleepless nights each over a lifetime worrying about their bottom line, The Co-operative Bank says.

That translates to two years for each Brit or a combined 13 billion hours spent annually worrying about debt, especially as credit is likely to become harder to come by in the next few years.

The research also found that women were more likely to stress about their finances than their male counterparts.

Scott McPhail, savings product manager at The Co-operative Bank, said that the combination of rising levels of debt and lack of savings were deeply concerning to Britons.

"It's never too late to regain control of your finances - taking full advantage of your tax-free savings allowance before April and investing as little a pound in a cash ISA is one way that you can help to ease the strain," he advised.

Free charity-based financial counselling services have gained prominence in the UK over the past few years, as high credit card debts and high mortgages push many to the brink of bankruptcy.