The poor health of the UK’s economy is making more than a few workers feel under the weather as 1.4million employees have taken time off work due to financial anxiety in the past year, new research has found.
Financial experts AXA has revealed the wide-spread effects of the country’s financial strains and debt’s damage to home and working lives.
According to AXA, 70% of employees say they spend time at work contemplating their finances, with 35% claiming the thoughts affect their performance.
But financial worries are not just confined to the workplace. AXA claim 12.2million people in the UK are concealing the full extent of their debt problems from family, friends and loved ones.
Results show that the highest occurrence of hidden debts is amongst those aged 36-40 and 46-50, with both brackets having approximately £6,000 on average. The total amount of hidden debt in the UK is reportedly close to £50.1billion pounds.
“There are over 12 million people in the UK today hiding their debt and financial concerns from their partners and family. Be that through embarrassment, fear or in some cases ignorance,” said Alison Green, spokesperson for AXA.
“The important thing is for people to take control of their finances and get the help and the support they need. The first step of which is taking stock of their debt and sharing this with the people in their lives.”
Andrew Leakey, Managing Partner of Consumer at Stephensons Solicitors LLP, added: “It may be worth seeking professional help, just to get your head above water. A skilled adviser can guide you through to the range of debt solutions available."
Stephensons’ Consumer team is one of the leading specialists in the country in dealing with debt problems on behalf of clients. The firm has developed a website, www.debtandrepossession.co.uk, where people can obtain free initial help.
Stephensons also offers a free 30-minute consultation to check through credit agreements and assess the potential of challenging them. There are various funding options open to people, including legal aid and conditional fee arrangements, also known as no-win, no-fee.
For more information on this, contact Andrew and his team through www.debtandrepossession.co.uk or call the free helpline on 0800 694 0189.
