You're not alone, we all worry about money

In this article, we’ll run through everyone’s most common money worries. Although modern life seems to revolve around money, it’s one of the most difficult subjects for us to talk or think about. Many people find it even harder to discuss than politics or religion.

In this lesson you will learn:

  1. Some key money worries.
  2. That you are not alone in your worries.
  3. What worries can do to your relationship if left a secret.

So it’s helpful to take the time and the courage to think about your money worries and get them out into the open. Airing your worries means you’re less afraid to think about financial matters – meaning you can get on with handling them.

You’re not alone

If you feel as though you lack financial confidence generally, you’re far from alone. Many of us still feel uncomfortable just thinking about our money: 25% of women and 15% of men.

A recent survey of British people aged between 18 and 24 set out to determine our biggest money worries. Here is the list....

01

Having nothing for a rainy day

A financial buffer or 'safety net' is a vital way to stop unexpected expenses turning into a crisis, from your boiler breaking down to an unexpected redundancy. But if this is your worry, you’re in good company: 43% of Brits don’t have savings for contingencies.

02

No financial plans

These could be for an exciting life-change such as getting on the property ladder, or for more routine preparations like setting up a Lifetime ISA or a workplace pension. Unfortunately, it seems avoiding planning is standard practice: 77% of women and 47% of men didn’t have a five-year financial plan.

03

Losing track of money

78% of women didn’t know how much they pay into their pension each month (compared to 50% of men). 35% didn’t know how much tax they pay – and for men that went up to 45%. We don’t need to explain how knowing these basics can help your financial health!

04

Understanding credit cards

Lots of people use credit for big-ticket purchases, unexpected outgoings, and to build a positive credit rating. But 28% of women and 21% of men didn’t understand the terms and conditions attached. There’s nothing wrong with using credit, but understanding and minimising any charges is crucial to staying in control.

05

Feeling intimidated by jargon

60% of women and 38% of men said that they didn’t understand financial vocabulary. Our money school tries to avoid jargon wherever possible, so that you can understand key financial concepts without all the confusing language. However, that doesn't mean you can't still explore these words as a way of increasing your financial confidence!

Rewrite the list above in order of what you worry about the most. Which ones do you need to make a priority?

A problem shared...

Money can be a major cause of stress in relationships. In a 2015 US survey, 35% all respondents experiencing relationship stress pointed to money as the primary cause – well ahead of the next cause, annoying habits, at only 25%.

Being open and sharing your worries with your partner means you can avoid at least one relationship pitfall.

If you discuss what matters to you both, and what you want to achieve together, money talk can be a source of strength rather than one of distress.

What are your biggest money worries?

  1. Write down your money worry.
  2. Define an action plan of how to tackle it.
  3. Define 1-3 steps + the time by when you would like to solve it.

Key takeaways

You’ve just read about key money worries and how common they are, as well as the importance of sharing and thrashing them out with your partner. 

Now, be brave and confront your own demons: Taking this list as a cue, write down and prioritise your personal money worries and, as a next step, sit down with your better half and start opening up about them so that you can jointly define your shared concerns and think about possible ways of tackling them. 

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