Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
Quick links:
  • Home
  • The Actuary Issues
  • January 2018
01

Saving worries identified as third biggest financial concern for 2018

Open-access content 9th January 2018

Failing to save or invest enough is the third biggest financial worry for UK adults this year, just behind the impact of Brexit and rising cost of living.

2

That is according to new research by GoCompare, which shows 40% of people think 2018 will be a financially challenging year, with 12% admitting to being "seriously worried".

Failing to save enough for retirement is the fourth biggest concern, with just under half of British adults saying they need to try and reduce their outgoings, and one-tenth expecting to carry credit card debt for most of the year.

"The level to which people are worried about their financial situation is a real concern, and we know this can impact on our work and mental health," GoCompare consumer advocate, Georgie Frost, said.

"This can cause us to make poorer financial decisions, which in turn could make our situation worse. With the rising cost of living, it's no surprise many are expecting to have to make sacrifices."

The findings show inflation is the greatest concern this year for those aged 65 and over, while young people aged 18-24 are most concerned about their ability to find sufficient work.

This comes after research from MoneySuperMarket earlier this year found that over 13.8 million people in the UK cite daily money worries as their main cause of stress.

It shows that 51% of British adults are regularly concerned about their finances, with 65% of 18-34 year-olds stating they worry about this constantly, compared with 36% of those aged 55 or over.

Almost half of adults believe their financial anxiety will get worse in 2018, with 84% of those that are worried planning to make cut backs to get their finances in better shape this year.

"It's little wonder people are worried about their finances," MoneySuperMarket consumer affairs expert, Kevin Pratt, said.

"Inflation crept over 3% in December and the economic outlook for 2018 is at best uncertain, given concerns about wage stagnation, Brexit and the possibility of further interest rate rises."


Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession

This article appeared in our January 2018 issue of The Actuary.
Click here to view this issue
Filed in:
01
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Director of Investment Risk

London (Central)
+ comprehensive benefits
Reference
118783

Qualified Reporting and Process Improvement

London (Central)
£90,000 - £100,000
Reference
118762

Risk Actuary

London (Central)
Market Rates + 20% bonus + benefits
Reference
118782
See all jobs »
 
 

Most-Popular

 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2020 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited, Level 5, 78 Chamber Street, London, E1 8BL. Tel: 020 7880 6200