Managing your finances isn’t always easy, as there can be a lot to get your head round and big decisions that have to be made. But getting on top of your money can be even more difficult if you’re already struggling.
For many, their mortgages and rents will be among their biggest outgoings, so it would make sense to turn to your lender or landlord if you’re under financial pressure.
Sadly, many are apparently reluctant to do so.
According to the StepChange Debt Charity, 39 per cent of people with mortgages or who live in rented accommodation would hesitate to seek financial advice or discuss their situation with their lender or landlord.
Interestingly, this reluctance appears to be most widespread among renters.
Figures showed that 55 per cent of people living in private rented accommodation wouldn’t be comfortable discussing financial pressures with their landlord.
This compares with 30 per cent of mortgage holders, who admitted they’d be uncomfortable discussing budget pressures with their lenders.
So why is this the case?
Well, fear can be a big reason. Mortgage holders might worry they could be penalised by their lenders, while renters might be concerned that their landlord will consider evicting them.
However, as StepChange notes, lenders and social landlords are required by law to help customers and tenants who are struggling with their finances.
Speaking to people you owe money to can be daunting, but there is little to lose and everything to gain from being open and honest about your situation, as they might be able to help.
Another issue worth addressing is that many people simply don’t know who to turn to for financial advice.
Some 18 per cent of those surveyed by StepChange said they weren’t sure who they could ask for help with managing their money – and again, this uncertainty was most widespread among private renters.
Twenty-five per cent of people living in private rented accommodation admitted they didn’t know who they could ask for financial advice, compared with 11 per cent of mortgage holders.
The findings reflect two long-standing concerns, firstly that people aren’t getting the financial education they need, and secondly, that not enough is being done to signpost people towards help if and when it might be needed.
Thankfully, there is plenty of support out there, depending on your situation. For example, you can get free advice from the likes of MoneyHelper, Citizens Advice and Pensionwise.
And of course, there is always the option of speaking to a professional financial adviser too.
Not only can they take a holistic look at your finances, they can also advise you on how to make your money work harder for you, and give you a degree of confidence for the future.
A professional, regulated expert can be at your side every step of the way, taking an informed and objective look at your situation, and base any advice they give around your unique circumstances, priorities and ambitions.
So if you have any questions about any aspect of your finances, don’t delay getting advice, as it could make a huge difference to you and your family.