January is the most financially stressful month of the year, according to a recent poll, with high energy bills being the primary concern. The survey, conducted among 2,000 adults, revealed that 29% are worried about the rising energy costs during winter, and 26% are anxious about the challenge of saving money. Additionally, 24% expressed nervousness about unexpected expenses early in the year. Other significant concerns include festive spending, holiday debt, car-related costs, and credit card debt. The research, commissioned by Virgin Money, highlights the top strategies people employ to manage financial pressures in January. These include reducing non-essential spending, seeking discounts, and postponing major purchases until later in the year. However, 16% admitted to struggling with post-holiday budgeting, and the average reduction in spending required to get finances back on track is £212. The poll also uncovered that 43% have lost sleep due to money worries, with affected individuals experiencing restlessness on approximately three nights per week in January. Money concerns are significantly impacting daily life, with 31% feeling stressed or anxious and 20% feeling overwhelmed. Virgin Money's financial expert, Alina Jaffer, emphasizes the importance of addressing financial worries in January, a month that can be emotionally challenging due to the aftermath of the festive season and the wait for paydays. She advises that vocalizing concerns can be therapeutic and suggests seeking support from trusted friends, family, or professionals. Interestingly, 22% find comfort in hearing others discuss their financial worries, as it helps them realize they are not alone and reassures them that their feelings are normal. The poll also revealed that 51% of those open to discussing their concerns found their bank helpful in addressing their worries. As part of its commitment to supporting customers, Virgin Money has trained its branch teams with mental health charity partners Mind and SAMH, ensuring they are equipped to provide conversations and support to those in need. Additionally, the bank has extended its Branch Promise, confirming that all its branches will remain open until at least 2030.
