Nearly 3m Britons have ‘money fear’

Nearly three million adult Britons are so concerned at the state of their finances that they purposefully ignore bank statements and bills, according to a new report.

Sainsbury’s Bank has dubbed the phenomenon ‘money fear’ and claims that it affects 2.8 million adult bankers in the UK.

Common symptoms identified include deliberately not checking the balance on current accounts and leaving bank and credit card statements unopened – something 11 per cent of those surveyed admitted to doing.

Kevin Barrett of Sainsbury’s Bank said that money fear “is clearly a very real issue” and advised sufferers “not to put financial management off”.

He added: “Take control of your finances now, look at your expenditure, plan your budget and by all means, seek advice or counselling if you need to.”

In related news, consumers have been told they should “constantly set money aside” in preparation for expensive times of the year such as Christmas.

Debt consultancy Thomas Charles said building up savings in this way will reduce the likelihood of falling into debt.

© Adfero Ltd

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