Most Brits Are Worried About Their Mortgage Payments
The new data from Unbiased reveals a great need for financial education in the country as most Brits worry about their mortgage repayments.
Experts at unbiased.co.uk analysed how the British manage their mortgage payments against the backdrop of the costs of living crisis and revealed a critical need for the financial education of homebuyers and homeowners.
Key Survey Takeaways
While it is typical for many to struggle with major financial decisions like a retirement plan, the survey revealed several surprising trends in people's everyday budgeting decisions.
For instance, around 51% of the respondents don't know how much they owe on their current mortgage, while 41% can't say how much they earn after taxes. One of the primary reasons for that is the increasing costs of living and borrowing, damaging feelings of control over people's personal finances. As a result, many choose to avoid facing the possibly challenging financial state.
Fortunately, the survey also reveals that Brits begin taking matters into their own hands. They take advantage of online financial apps and tools like mortgage calculators and personal planners.
Unbiased highlights that the survey reflects changes we see since the costs of living crisis hit. The number of people looking for simple and efficient financial advice has doubled in 2022 against the previous year.
People seeking advice and support have varying incomes and financial situations, meaning that this affects households with different budgets.
5 Easy Tips To Start Managing Personal Finance
There are several quick tips to follow to begin your journey towards confident personal finance management.
- Tracking. Keep track of your income and spending for 1-2 months to see where your money comes from and where they are going.
- Decluttering. Look for new savings by analysing your primary and secondary debts.
- Saving. Set a reachable monthly goal to save each month. The sum has to be realistic and can be relatively small.
- Acting. Take advantage of technology and make your monthly saving transfer automatic.
- Seeking help. Don't feel intimidated by contacting a financial adviser. In fact, looking for support is nothing but a smart move.
Remember to start small and simple. Good habits take time to be established. Most importantly, be consistent and enjoy the process – find joy in little things like first small savings, getting things done, and learning something new about your personal finance.