Financial worries impacting happiness

As British citizens continue to weather the economic storm of the last few years, their happiness and health have been affected by the associated money worries, a survey suggests.

Some 70 per cent of British people do not have time to give to their life priorities, according to the Scottish Widows survey. Worse still, a worrying 45 per cent simply struggle to find time to have fun, which is regarded as the main life priority by the survey.

The third annual Priorities of Life Index shows other life priorities, such as keeping fit, are also falling by the wayside with 44 per cent unable to find the time stay healthy.

These figures have worsened compared to previous years. Home life is neglected by 14.2 million people, which is an increase of 1.5 million on last year.

Deterioration in financial situations among Britons, resulting from pay freezes and increased living costs, has led to further financial insecurity.

A fifth of people cite having too much debt as a reason for not being able to feel financially secure.

"Taking control of your life and making an effort to reassess your priorities may seem an impossible task to many, but often one small change can have a positive domino effect and make a huge difference," explains Catherine Stewart, savings expert at Scottish Widows.

"Finances are an important place to start, for example, assessing your weekly spend to see where savings can be made."

"When it comes to sorting out your finances there is help at hand, it is a good idea to see a financial expert; not just for the financial benefits, but also for the peace of mind which comes with having a plan in place to secure your financial future."

Meeting repayments on loans and credit cards can be very difficult in times of austerity, which can lead to even more debt. Even more ominous is the growing trend for people taking out loans and credit cards to buy everyday essentials necessary to survive.

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2012-02-22 09:38:42 © Moneyextra.com