A leading financial expert has stepped in to address the most pressing money questions from anxious Britons, as new research confirms that January is the peak month for financial stress across the nation.
January's Financial Pressure Cooker
The study, commissioned by Virgin Money and conducted by OnePoll.com, surveyed 2,000 adults. It found that the first month of the year brings unparalleled money worries, with soaring energy bills topping the list of concerns. A significant 25% of respondents reported feeling anxious about saving money or being caught out by unexpected costs early in the year.
Other major stressors include clearing Christmas debt, managing car costs, and paying down credit card bills. The data shows that 16% of people struggle to balance the books after festive spending, with individuals needing to cut back by an average of £212 over the first three months of the year to recover.
The Toll on Sleep and Wellbeing
To cope, many plan to reduce spending on non-essentials, hunt for discounts, and postpone major purchases. However, for a vast number, these measures are insufficient. The poll revealed that a staggering 43% have lost sleep over their finances, tossing and turning an average of three nights per week. On the worst nights, they lose up to three and a half hours of sleep.
Money woes are having a profound impact on daily life, with 31% feeling stressed or anxious and one in five (20%) admitting to feeling completely overwhelmed by their financial situation.
Opening Up: The Power of Conversation
Virgin Money expert Alina Jaffer provided tailored advice on the nation's most common financial queries. She emphasised the importance of talking about money worries, stating: “Often, vocalising our feelings and worries can do the world of good. A good conversation can also add some perspective and a fresh view which could make all the difference.”
The research supports this, finding that 22% feel better after hearing others discuss their financial struggles, realising they are not alone. The preferred method for discussing money is a one-on-one chat with a trusted friend or family member, or a private discussion with a professional. While over half (51%) found their bank helpful, a concerning 26% do not talk about their worries at all.
In response, Virgin Money is encouraging people to open up this January. Its branch teams, trained with support from mental health charities Mind and SAMH, are ready to have supportive conversations. The bank has also confirmed its Branch Promise has been extended, keeping all branches open until at least 2030.
Alina Jaffer 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.”
