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Four in five people suffer from financial nightmares PDF Print E-mail
Wednesday, 21 October 2015
Four in five (80%) people suffer from financial nightmares, according to new research from peer-to-peer lender RateSetter.

Of people who have experienced difficulties due to financial fears, more than a third (39%) say they have felt anxious or stressed, 16% have become physically ill and 7% report increased reliance on alcohol. A fifth of those aged 25-34 (17%) said they had taken time off work because of a financial nightmare - more than any other age group.

The most common financial fears include an unexpected bill (31%), being a victim of fraud (31%), bills for house repairs (26%) and replacing white goods such as fridges, washing machines and boilers (24%). A fifth (22%) fear redundancy and 12% are worried about interest rate rises, according to the poll conducted by Populus.

Reflecting the precarious nature of the UK housing market, one in seven (15%) fear an increase in rent (20% in London) and one in ten (8%) fear home repossession or tenant eviction. Those aged 55+ are more likely than any other age group to say they fear being a victim of fraud (42%).

The ten most common financial nightmares

1An unexpected bill - 31%
2 Being a victim of fraud - 31%
3 House repairs - 26%
4 Replacing broken white goods e.g. fridge, boiler - 24%
5 Redundancy to either me or my partner - 22%
6 Car or bike failing MOT - 16%
7 Increase in housing rent - 15%
8 An interest rate rise (e.g. on mortgage, credit card, overdraft etc.) - 12%
9 Going unexpectedly overdrawn - 9%
10 Stock market crash - 9%

“These figures show just how important it is that financial products and providers work in customers’ best interests”, commented Rhydian Lewis, CEO at RateSetter. “Our research indicates there is clearly a lot more that needs to be done. Basic things like avoiding lending to people who won’t be able to afford the repayments to removing fees, and communicating proactively all help avoid financial nightmares.” Rhydian added: “We’ve all waited too long for the financial system to work in the best interests of customers – not the interests of providers – and innovators like RateSetter are leading the way.”

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