Financial Stressers

Newcastle  Building Society has identified 10 signs that we are not great with our finances - including going out to buy a single item and coming home with bulging bags, and deliberately turning a blind eye to financial planning.

The survey of 2,000 UK adults revealed 74 percent feel stressed when it comes to making decisions about their finances.

Other bad habits included spending more on takeaways and restaurants than on a weekly shop and having unworn clothes in the wardrobe.

A spokeswoman for Newcastle Building Society, which commissioned the study of 2,000 adults said:

“It’s concerning that three quarters of the population are feeling stressed about money. It’s easy to feel overwhelmed when it comes to managing finances, but taking action to make proper financial plans and setting some financial goals can be empowering.”

Some tell-tale signs that you could benefit from a financial overhaul include not  knowing who to talk to about money and having disagreements with a partner about your financial plans and spending. 

Many people find money management daunting and confusing.  And 11% say they would feel embarrassed if anyone saw the state of their finances.

 The study shows 24 per cent of us find it “stressful” talking about money, with only 12 percent saying would turn to a professional for help with their finances.

Worryingly the study showed, more than a quarter surveyed are not sure how they will fund their retirement, and 11 per cent say they are putting off paying into a pension.

14 per cent of those polled admit they’re hoping for a windfall or some inheritance to see them into the future, while 15 per cent have put off setting up a will.

The spokeswoman for Newcastle Building Society continued:

“Nobody knows what is around the corner, which is why planning for the future is so important.”

“Whether you’re at the stage of wanting to buy your first home, or considering how to manage your retirement, better money management decreases the stress levels and ultimately should increase your options.”

10 SIGNS YOU MAY NEED SOME ADVICE IN REGARDS TO YOUR FINANCES

1. You find talking about money is stressful
2. You don't know who to talk to about money
3. You and your partner bicker about your finances
4. You are not sure how much you’ll need to fund your retirement
5. You worry about covering the cost of living for you and your family if you could not work due to long term illness
6. You don’t have a will
7. You forget to use your reward cards
8. You spend more on takeaway and restaurants than your weekly shopping bill
9. You can't go into a shop without buying something
10. You don’t have an emergency fund

If you're feeling stressed about your finances and need pointing in the right direction for face to face straightforward advice, call into any Newcastle Building Society branch and talk to Newcastle Financial Advisers. They can help with pensions, protection, investment and Inheritance Tax planning. To make an appointment call 0345 600 4330 (Mon – Friday 9am – 5pm) or visit www.newcastle.co.uk

Newcastle Building Society Electronic Survey conducted August 2016. 2000 respondents.

Newcastle Building Society introduces to Newcastle Financial Advisers Limited for investments, pensions, inheritance tax planning, financial advice and life cover. Newcastle Financial Advisers Limited is an appointed representative of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Newcastle Building Society Principal Office: Portland House, New Bridge Street, Newcastle upon Tyne, NE1 8AL. Newcastle Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Newcastle Building Society is entered in the Financial Services Register under number 156058. You can check this on the Financial Services Register or by contacting the Financial Conduct Authority on 0800 111 6768. Call 0845 734 4345 or visit us online www.newcastle.co.uk