Nationwide has found more than half of people (52 per cnet) believe January is the time of year that causes the most financial stress.
The UK’s largest building society, Nationwide, has issued a cautionary note to households, revealing that over half of respondents (52%) perceive January as the most financially stressful time of the year.
According to a survey conducted by Nationwide, a staggering 84% of participants anticipated this January to be their toughest financially. The current week was identified as particularly challenging, with many awaiting their end-of-month pay.
Among the contributing factors, 51% of respondents attributed financial strain in January to Christmas spending, while 43% pointed to rising energy costs. Additionally, more than a third (37%) expressed concerns about increased debt due to the rising cost of living.
Notably, over 51% of respondents indicated a preference for seeking assistance in person rather than online. Mandy Beech, the Director of Retail Services at Nationwide, emphasized the commitment to face-to-face service.
She stated, “Because we still believe in face-to-face service and we have listened to our customers, we have committed to keeping all our branches open until at least 2026. We also have a branch manager in every branch, since for many there is no substitute for physical reassurance.”
Conducted by Censuswide in December 2023, the survey gathered opinions from over 2,000 individuals across the UK. Earlier this month, Nationwide introduced new interest rates for ISAs and fixed-rate bonds, available for balances of £1 or more. Savers can open Online Bonds through the website, Internet Bank, and Banking app, while Fixed Rate Branch Bonds are accessible in branches. The withdrawal of all previous Fixed Rate Online Bonds, Branch Bonds, and ISAs, including the three and five-year products, was announced effective January 11, 2024.
