Other research, from price-comparison website switcher.ie, found almost 40pc of people dip into their savings to cover everyday bills, with about one in four using their credit cards for such bills. These findings show how poorly many people are managing their money – and how likely people are to worry about it. Money worries can have a debilitating effect – leading to depression, anxiety and shame. “For a lot of people, financial stress and anxiety manifests itself in physical health problems, such as skin and gastric problems,” said Michael Laffey, the regional manager with North Leinster’s Money Advice and Budgeting Service (MABS). “Money worries and anxiety can lead to lack of sleep – and to relationship breakdowns.” It’s not just people on low incomes who worry about money. “I have seen greater levels of anxiety amongst those on medium incomes – because they often have bigger financial responsibilities and may have taken chances during the recession,” said Colm Roantree, a senior executive in wealth management with Irish Life. One in four of those struggling with money are high earners, Bank of Ireland’s research found. The best way to stop worrying about money is to be in control of your finances…. Read full this story
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