Cash-strapped Brits spend three hours a week worrying over money

Caroline Cassidy

The average Briton now spends three hours and 15 minutes worrying about their finances, according to a new report.

Britons spend three hours a week fretting over finances
Britons spend three hours a week fretting over finances

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As the economic downturn continues to bite, cash-strapped consumers find themselves fretting about money for three hours and 15 minutes a week on average, the Which? Quarterly Consumer Report found.

And the ongoing hard times have prompted many to take on more and more debt in a bid to make ends meet.

The report, which aimed to discover how people across the country are coping with the recession, found that 18 to 29-year-olds are suffering badly, with almost 50 per cent running out of money each month thanks to debts that amount to 47p in every pound they earn.

Shockingly, low-income Brits earning £12,376 or lower now owe an average of 72p in the pound.

Hardly surprising then that more than half of the 2,000 people polled reported a mistrust of both the Government and the banking system.

Richard Lloyd, executive director of Which?, told the Daily Mail: "Consumers in Britain are going through the tightest squeeze in their living standards since the 1920s.

'Many consumer are clinging to the edge of a financial cliff with savings at rock bottom and personal debt level sky high."

He added: "The consumer has too often been an afterthought in the Government's growth agenda. With this new report, we show just how well those with power, both in government and business, are doing at putting consumer wellbeing first."

What do you think? Should the Government be doing more to put the consumer first? Leave your comments below...