Adults are more than twice as likely to feel anxious about their finances than they are to be content with them, leading to sleeping problems and distraction at work, according to research conducted for Paragon.
Its survey of 2,000 adults across the country found that the average person loses almost 22 hours of sleep each year thinking about their money woes in the middle of the night.
These financial worries then filter out into their wider lives, with 15% distracted when driving and 24% struggling to concentrate in the workplace.
In addition, 27% have said they have had a big falling out with a partner due to money.
A16% of those surveyed are currently keeping financial secrets, such as how much they owe on their credit cards, from their loved ones.
The research revealed 32% of Brits feel anxious when thinking of money, but just 13% feel content.
It is the 18 to 24-year-olds who struggle the most, with this age range four-and-a-half times more likely to feel anxious (44%) than content (9%) when thinking about money.
Overall, it is when lying in bed (30%) that the public is most distracted by worries about their finances.
However, 40% of 25 to 34-year olds admit money issues distract them while they’re working, while 35% of 35 to 44-year olds have the same problem.
It is the 35 to 44-year-old age group which is most likely to wake up in the middle of the night due to money concerns – losing 36 hours of sleep over the course of the year as a result.
Derek Sprawling, savings director at Paragon Bank, said: “We know that the pandemic has had a devastating impact on people’s mental wellbeing, and our research shows that money worries are certainly contributing to this.
“The average person is thinking about their finances several times a day and often losing sleep over this.
“Many people trying to plan for the future during this time of economic uncertainty might not know where to turn for help.
“There is a wealth of free resources available online that can support people, including planning guides, digital budget spreadsheets and general guidance and tips. We’ve also launched a new educational section on our website to help our savers manage their money.”
The study also found that 37% of people surveyed admitted they were worried about losing their job and therefore their income.
6% of respondents said they have been made redundant this year, while 11% took a pay cut.
33% have also sought advice about their financial situation over the past six months.
One in 20 said they have taken out a loan this year to help them cover costs, while 7% have been forced to ask friends or family for financial help.
Paragon’s digital guide to recession-proofing finances is available to download:
https://www.paragonbank.co.uk/personal/savings/helping-you-manage-your-money