Financial Problems Causing Families Major Worries

Published: 1 June 2010 By MoneyHighStreet Staff Leave a Comment

Despite the nation officially being out of recession, the ongoing effects of it are having an impact on family relationships as financial problems cause many to argue more.

Financial ProblemsAccording to a study by Clydesdale and Yorkshire Banks, over 1 million families are arguing more and almost 2 million families say that they feel under severe strain due to money worries and financial pressures.

Professor Kevin Durkin, of the University of Strathclyde’s Department of Psychology, said: “Economic stress has substantial effects on families. ┬áIt impacts on the parents, causing irritability, marital discord and depression.

If you are struggling with debt issues it’s important not to ignore them in the hope that they will go away. Invariably they won’t. It may be time to get professional debt advice. There are options to help, including such as an IVA or Debt Relief Order (DRO).

Steve Reid, retail director, Clydesdale and Yorkshire Banks, said: “There’s no question that financial concerns create stress in family relationships.

It’s important that people understand that help is available and that the sooner they seek it out the better. Hiding from the possibilities only increases the stress at home and the likelihood the situation will get worse.

The advice we give through our Financial Solutions Unit can take the sting out of a change in financial circumstances, providing that initial breathing space then the ability to manage your finances over the longer term.”

The Financial Solutions Unit (FSU) looks to assist customers whose financial situations have changed and may face difficulties without advice and support, and provides help for those who contact the Banks about financial concerns.

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