It’s official, most of us are fretting about our finances

editorial image
0
Have your say

A survey for money saving website MyFamilyClub has revealed that seven out of ten UK families currently worry or worry a lot about money.

But despite fretting over finances, around six out of ten families never or rarely talk about the family finances.

Only one in ten talk about money on a weekly basis and around three in ten talk monthly.

Gemma Johnson, founder of the money saving website, said: “These figures tell us that the nation’s families are not confident about their finances and need to make some changes.

“Money worries are not only a huge personal burden but are also given as one of the major reasons in divorce cases so it’s absolutely imperative families get on top of their finances.

“I would urge mums and dads to block out a bit of time each week to look over the family accounts, plan the household budget and prioritise spending for the weeks and months ahead. Sharing this burden will help to reduce the amount of time parents spend worrying about money and get them working together to improve the family’s financial situation.

“MyFamilyClub has some helpful resources to support families around budgeting and saving, including a series of videos on topics like how to manage your debts. Money management is easy once you get started and you’ll be amazed at how much money you save when you do.”

Liz Dunscombe of money education charity Credit Action, added: “Planning the family finances could be one of the most valuable investments parents ever make. As a charity we are committed to helping people stay on top of their money and provide many helpful resources at creditaction.org.uk.

“If the budget is impossible to balance, then contact a source of free, independent money advice such as the Consumer Credit Counselling Service. Surviving by taking out ever increasing amounts of credit is a recipe for trouble.”