Twice as many ‘think their finances will worsen in 2020 rather than improve’

Nearly three in 10 people expect their financial situation to deteriorate in 2020, a survey has found.

Some 29% of people across Britain predict their finances will get worse in the coming year.

This was twice as many as the one in seven (14%) who expect to see an improvement, according to YouGov research for StepChange Debt Charity.

Nearly two fifths (38%) of those who think they will be worse off cited uncertainty over the wider economy as the cause.

StepChange said this should sound alarm bells for policymakers, particularly given a record 331,337 people contacted it for help with their debts in the first six months of 2019.

StepChange has a new campaign called “we hear you” – encouraging those who are suffering with their finances to contact its free online debt advice service.

Some 42% of men surveyed said they prefer to deal with their financial worries privately, compared with 34% of women.

Those who expressed a preference to deal with their financial worries privately also showed a greater reluctance to discuss money with their partner or close family members, with 45% “never” or “rarely” broaching the subject, compared with 30% across the survey.

Richard Lane, director of external affairs at StepChange Debt Charity, said: “Debt is a problem which can affect each and every one of us, so it’s only right that the services to tackle debt should therefore be accessible to all. If you find it difficult to talk about debt, don’t worry, we hear you – and we’re here to help.”

More than 1,800 people were surveyed across Britain in October.