A money expert has answered Brits’ financial questions as new poll found January causes most money stress, with many losing sleep
Virgin Money share financial advice for the new year
A Virgin Money expert has answered Brits’ most pressing financial questions as a new poll reveals January is the most stressful month for money worries, with many losing sleep over their finances. Alina Jaffer, from Virgin Money, was put in the hot seat to tackle the nation’s top money concerns and offer advice to help ease the pressure.
It comes after research among 2,000 adults found that January is the most financially stressful month of the year, with soaring energy bills topping the list of worries. A quarter of those surveyed said they felt anxious about saving money or being hit by unexpected expenses early in the year.
Many are also stressed about clearing Christmas debt, car costs, and credit card bills. The research, commissioned by Virgin Money, found that 16% struggle to balance the books after festive spending, with people needing to cut back by an average of £212 in the first three months of the year to get back on track.
To cope, many plan to cut back on non-essentials, hunt for discounts, and delay big purchases. But it’s not enough for everyone, 43% admitted they’ve lost sleep over money worries, tossing and turning an average of three nights a week and losing up to three and a half hours’ sleep on the worst nights.
Money woes are also taking a toll on daily life, with 31% feeling stressed or anxious and 20% saying they feel completely overwhelmed.
Alina said: “Often, vocalising our feelings and worries can do the world of good. A good conversation can also add some perspective and a fresh view which could make all the difference.”
The poll found that 22% feel better after hearing others talk about their financial struggles, realising they’re not alone.
The most popular way to talk about money worries is a one-on-one chat with a trusted friend or family member, or a private conversation with a professional. Over half (51%) said their bank was helpful, but 26% don’t talk about their worries at all.
The research, carried out by OnePoll.com, comes as Virgin Money encourages people to open up about money worries this January. Its branch teams, trained with support from mental health charities Mind and SAMH, are ready to help anyone struggling or seeking advice.
Virgin Money has also confirmed all its branches will stay open until at least 2030, following an extension of its Branch Promise.
Alina added: “If you don’t feel you’ve got someone you can open up to, we have colleagues on hand to listen as we know that financial pressures can weigh heavily at this time of year.
“Our door is open for anyone who needs support, so take money worries off your mind and come and have a chat with one of our colleagues.”