A Virgin Money expert has offered advice as a new survey shows January is the most financially stressful month of the year
Virgin Money share financial advice for the new year
A money expert was put in the hot seat to answer Brits’ most common money questions. Alina Jaffer from Virgin Money stepped up to help ease concerns and provide answers on the nation’s top money worries. This follows a survey of 2,000 adults which found that January is the most financially challenging month of the year, with escalating energy bills causing the greatest worry.
A quarter of those surveyed confessed to feeling worried about saving money or being caught off guard by unforeseen expenses early in the year. Many are also anxious about paying off holiday debt and car-related expenses, as well as managing credit card debt.
The study, commissioned by Virgin Money, found 16% struggle to balance their budgets following festive season spending, with people needing to reduce expenditure by an average of £212 in the first three months of the year to help restore their finances.
To help reduce financial strain this month, many plan to reduce non-essential spending, utilise discounts and special offers, and postpone larger purchases until later in the year, reports the Express.
However, these tactics don’t seem to be enough to ease the worries as it emerged 43% have lost sleep due to money worries, with those affected experiencing restlessness on an average of three nights per week. On their worst nights, people are losing around three and a half hours of sleep,
Money concerns are negatively impacting people’s daily lives too, with 31% feeling stressed or anxious due to them, and 20% feeling overwhelmed.
“Often, vocalising our feelings and worries can do the world of good,” said Alina. “A good conversation can also add some perspective and a fresh view which could make all the difference.”
When it comes to talking about money worries, 22% admitted hearing others discuss their financial concerns made them feel better about their own, helped them to realise they are not the only ones to face similar challenges and reassured them their feelings are normal.
A one-on-one chat with a trusted friend or family member was the most preferred option or a private conversation with a professional – 51% said their bank was helpful at dealing with their worries – but 26% don’t talk about them at all.
The research, conducted via OnePoll.com, comes as Virgin Money continues to encourage people to take money worries off their minds this January.
Its branch teams are trained with support from mental health charity partners Mind and SAMH (Scottish Action for Mental Health) and are prepared to have conversations with anyone who might be struggling or have questions.
As part of Nationwide, the bank has also confirmed all its branches will remain open until at least 2030, following the recent 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.”
