Feeling out of control with money means different things to different people. For many folk, it’s having gone out at the weekend and overspent, for others it’s running up hefty credit card bills – and for some it’s going bankrupt. So it’s interesting to see research from thinkmoney* that shows more than half of adults in the UK feel out of control with their money**.
You’re not alone
It might be reassuring to learn that if you feel like your finances are out of control, you’re not in the minority. In fact, of the areas we asked people about, 61% responded saying they felt their finances were out of control – which works out to over 30 million people across the UK. And it’s not just finances that leave us feeling a little bit lost.
In fact, more than half of us also feel our health & fitness has run away with us too. That’s over 26 million people in the UK who feel they’re not in control of their own health and fitness.
Whether this ties in with the aforementioned demands on money, time or perhaps work commitments, is difficult to tell – it could even be a combination of all three.
Clocking out of control
On the subject of work, this area scored joint third highest for people feeling out of control. With most people spending the majority of their life at work, it doesn’t make positive reading to learn that just under half of us feel out of control in this area too. 45% of people admitted to feeling out of control with work, with the youngest age range (18-24) feeling the least in control.
Make a change
The reason we feel out of control in so many areas could be down to any number of things but what we know is that on the whole, people don’t like to feel like this.
Whether it’s work, health & fitness or finances that are causing us to feel uneasy, it’s worth trying to rectify these to make ourselves feel better.
Ian Williams from thinkmoney said: “Feeling out of control in any area will naturally have a knock-on effect with other parts of your life, so it’s important to do what you can to gain control.
“What is surprising and concerning is that over 60% of us don’t feel in control of our finances, especially as this is something that can often be solved.
“There are many ways that people can take better control of their money – and one of those is by changing your bank account and opening up a managed account.
“There are many alternative accounts out there – like the thinkmoney Personal Account – that can help people get in control of their finances, so it’s certainly worth looking into if you find yourself in the majority of people who feel out of control in this area.”
* OnePoll Research carried out a survey of a representative sample of 2,000 UK adults on 24.05.13. Figures have been extrapolated to fit ONS 2013 population projections of 50,371,000 UK adults.
** ‘Out of control’ figure is determined by adding together the results from those who said ‘I never feel in control of my finances’, ‘I often feel my finances are out of control’ and ‘My finances are quite well ordered, but I sometimes feel out of control’.
Image Courtesy: money.aol.co.uk, intranetdfocus.com, telegraph.co.uk, moneymarketaccount.org
Article published by thinkmoney.co.uk