New research has shown that anxiety around finances is resulting in many people, especially younger generations, avoiding looking at their finances at all.
Aviva’s ‘Age of Ambiguity’ study revealed that Generation Z and Millennials report the highest level of financial anxiety (69% and 73% respectively) which has many burying their heads in the sand out of fear of what they’ll find.
This figure drops to around half for Generation X and 36% for Baby Boomers.
Emma Douglas, Aviva’s Director of Workplace Savings & Retirement, commented on the findings, “Understandable though it may be for us all to be looking for ways to avoid facing harsh financial realities right now, ignoring our financial situation altogether isn’t going to help.”
“We need to encourage people to realise that engaging with our finances will provide vital insight that can help alleviate problems occurring in the future.
“It is a difficult time for many, with some demographics feeling the cost-of-living crisis more acutely than others.
“Our research has shown that younger workers are most likely to be avoiding engaging with their finances due to feelings of anxiety and a lack of financial resilience. However, despite it being a daunting prospect, engaging now is the best course of action.
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