Whether you’re worrying about your pension, healthcare costs, or rising bills, there are plenty of reasons you may feel anxious about your finances in your 50s, 60s, and beyond.
Planning for retirement, thinking about funding long-term care in later life, or even just wondering how you’ll pay your bills this month can all trigger anxiety and take a toll on your mental health, so it’s vital to tackle any issues you’re facing before they escalate. Fortunately, there is plenty of help available to help you get back on track.
Here are some practical questions you can ask yourself to help manage your anxiety and feel more confident about your finances.
Why am I feeling anxious about money?
First of all, you’re far from alone if you’re feeling nervous and worried about your finances. According to a recent survey by personal finance comparison site Finder, around seven in 10 adults (70%) in the UK experienced financial stress or money worries in the past year.
Financial anxiety tends to stem from a particular event or problem, such as your mortgage repayments suddenly soaring, or seeing your pension falling in value.
The first step in tackling your anxiety is to understand exactly why you’re feeling this way so you can get the right help. Which bill or expense is it that you’re feeling anxious about? Are you worried about your debts? Is it a certain life stage such as retirement planning? Identifying your triggers can help you work towards reducing their impact by taking positive steps to resolve the issue.
How can I stop feeling anxious about money?
If you’re suffering from money-related anxiety, there are some steps you can take that might help. Rather than focusing on your financial worries, start by thinking about your financial goals. This could be your first step towards taking control of your finances. Whether your goals are paying off debt, building an emergency fund, or funding a comfortable retirement, for example, writing these down can help you to feel that these are more manageable.
Part of reducing financial anxiety is also being comfortable enough with family and friends to share your worries (find where you can seek professional help below, too). Spiralling living costs are a concern for all of us, and it can be a relief to get any concerns out in the open. Find some tips and conversation starters that can help you to discuss money issues in our article 10 conversations to have with your partner about money.
Meanwhile, take a deep breath and remember that feeling anxious about your finances is entirely normal, especially given the cost of living crisis, but that it’s also easy to lose perspective. Try to focus your mind on the present moment and what you can do right now to reduce any financial anxieties.
If you’re looking for ways to take control of your finances, head over to our Money and finance section where you’ll find articles that could help. Our guide 11 simple steps to better money management is also a good starting point.
How can I develop healthy financial habits?
Working towards healthy financial habits is another way to manage financial anxiety. These may include making sure you pay bills on time, saving as much as you can afford, consistently paying into your pension and keeping debts to a minimum, for example.
Finding any spare cash to set aside can be particularly difficult at this time of year, but ditching some of your bad money habits will give you the best chance of building up your savings. Find more tips in our article Seven bad savings habits to avoid.
One of the basic principles to plan for your financial future is to save for the long term as well as short term. Even if you can only afford to save a little each month, for example, it’s important to keep up this habit. This may be in a cash savings account and/or your pension. Remember that your pension investments, whether they be stocks and shares, bonds, property or cash, need time to grow, so the longer you leave your money invested, the more chance you have of making gains. Learn more in our guide Seven must-have financial habits in retirement.
If money is tight, budgeting is a particularly important money habit to cultivate. If you struggle to make ends meet, take out a weekly cash sum and don’t spend more than you’ve withdrawn. Keep your credit card for emergencies as it may encourage you to overspend. A budget can help you track your spending, reduce expenses, and save for the future. Learn more about drawing up a budget in our article How to make a budget and stick to it. Making budgeting part of a monthly routine can give you a sense of control over your finances and help you to feel more positive.
Tracking your spending is a useful part of creating good financial habits. It can help you identify areas where you could save money. There are many budgeting apps and tools available that can help you reduce your spending. Read our article 20 top money-saving apps.
Can I get financial help?
Check you’re getting all the financial help you’re entitled to, and by doing so, you could be taking a positive step towards reducing your anxiety. Use one of the online benefits calculators such as those provided by Entitledto.com and Turn2us. You’ll need to provide details of your income and any savings, as well as how much you spend on major outgoings such as your rent or mortgage. Find more in our Government benefits section.
As you enter your 50s and 60s, you’ll be able to take advantage of a whole range of discounts on various services. Read our article The best discounts for people in their 50s, 60s and beyond. You may assume that your State Pension is all that you are entitled to when you reach retirement age. However, there are actually a range of over-60s benefits and retirement benefits that you could be claiming, from pension credit if you’re on a low income to discounted public transport.
Where can I seek professional help?
If you’re struggling to manage your financial anxiety, consider seeking professional help. The government and financial institutions offer a variety of support for those who are suffering from money worries, so you can find help if you need someone to talk to.
If you’re unsure where to seek help, try the Citizens Advice to help you find a way forward. You can speak to an adviser through its national phone service Adviceline on 0800 144 8848 if you’re in England, 0800 702 2020 if you’re in Wales, 0800 028 1456 if you’re in Scotland and 0808 223 1133 if you’re in Northern Ireland. Other sources of help include Mental Health & Money Advice, the Money Advice Service (0800 138 7777), Pensionwise (0800 138 3944) and Pensions Advisory Service (0800 011 3797).
If you’re struggling with debt in particular try National Debtline (0808 808 4000), StepChange (0800 138 1111) and Debt Advice Foundation (0800 043 4050).
Take care of your mental health
Many of us suffer from financial anxiety at some stage in our life. Charities that can offer tailored advice if you’re struggling with your mental health include Mind (0300 123 3393) and Anxiety UK (03444 775 774).The Samaritans are available to support at any time of the day or night on 116 123 – or by email at [email protected] if you’d prefer to write down how you’re feeling or don’t feel comfortable talking about it. Alternatively, there’s also the Shout Crisis Text line – text Shout to 85258 if you’re experiencing a personal crisis.
You can find more guidance and strategies that may help in the Healthy mind section of our site, including articles such as 7 tips for coping with stress and anxiety.
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