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Gloucestershire Business News

One in three Brits in South have sleepless nights due to money worries

Nearly eight million people in the UK are expected to fall behind with their finances this month, as a result of Christmas costs, according to the National Debt Line.

Research by credit information provider Equifax, commissioned by YouGov, shows the impact money worries have on people's health, with almost one in three Brits in the South (31 per cent) revealing that they have been unable to sleep at night because they are worrying about money.

Those living in the South West worry most about not being able to pay their rent or mortgage, at 44 per cent compared to the national average of 26 per cent.

Among the money worries keeping people in the South awake, 52 per cent said it was due to not being able to pay an unexpected bill and 44 per cent not being able to pay off loans or credit. Not being able to pay an expected big bill (37 per cent) and not being able to pay household utility bills (33 per cent) also kept people in the South awake at night.

With sleep being a major factor to help cope with stress, 67 per cent of people surveyed in the South said they only get at least six six hours' sleep a night, with just 11 per cent getting at least eight hours of sleep.

And with January being the month when large credit card bills land following the festive spending, Equifax is urging consumers to keep on top of their finances with a budget planner - as well as regularly monitoring their credit report.

Lisa Hardstaff, credit information expert at Equifax, said: ""From affording fundamental things such as the mortgage and rent, to paying off their credit cards, money worries can have a real impact on people's health, especially if they can't sleep.

"It's important for consumers to take positive steps to manage their finances. Having a budget planner that they keep up to date throughout the year will give them a level of control that might help reduce the worries. Obtaining a copy of their credit report will also help individuals see an overview of their financial commitments, helping them to prioritise payments and close down any accounts they no longer need."

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