Three months after advice, four out of five StepChange clients report that their wellbeing has improved on at least one measure such as sleeping better or feeling more able to cope.

On social media, StepChange is promoting debt advice as one way to help turn #BlueMonday to a #BrighterMonday.

How people are feeling?

The polling reveals some striking differences between genders and age groups.

There is a notable gender gap, with more men (36%) than women (28%) feeling confident about the state of their finances.

People in the 25-49 age group are the most concerned about their financial situation. 26% of those aged 25-49 feel “uneasy” financially and are unsure if they will be able to make ends meet, and another 8% are currently feeling” very uneasy” about their financial situation and know they will have to go without essentials like food or heating this year.

Helps and hindrances to getting advice

Among the general population, 13% of people (equivalent to an estimated 6.5 million people) say that at some point they have sought advice from a debt advice charity. Among those who have been feeling uneasy for more than a year, 24% have sought advice—but 73% have not.

Among all GB adults who are currently feeling uneasy financially, 37% nevertheless say they do not need advice. 13% say they don’t know where to find advice, 13% are embarrassed about getting advice, 8% haven’t had time to get advice, and 13% don’t want their friends or family to find out. Worryingly, 17% of GB adults who are feeling uneasy financially say they have an additional problem preventing them from getting advice.

Younger people are more likely than older groups to say they feel embarrassed about getting advice – 13% of 18-24s are embarrassed to get advice, dropping to 9% of 25-49s, 5% of 50-64s, and 1% of those aged 65+.

What practical steps can people take?

StepChange Debt Charity urges people not to let embarrassment act as a barrier to getting advice. Most people who have sought advice from a debt advice agency or charity in the past say it helped. Three fifths (59%) say it made a positive difference to their financial situation.

The survey asked people what advice they would give to someone who was facing financial difficulty. Many said they would advise actions such as cutting back spending, and budgeting, being honest, talking about it, and getting help. A sizeable number of people said they wouldn’t know what advice to give, or wouldn’t feel it their place to give advice. While an encouraging number of people already said they would encourage their friend or family member to “seek help”, StepChange urges people to make this the first advice they would give to a friend in debt.

Commenting on the Blue Monday financial polling, StepChange Director of External Affairs Richard Lane said: “Financial unease is common, affecting more than a quarter of us. If debt is contributing to your own Blue Monday, don’t suffer in silence—get advice. And if someone you know has debt problems, the best thing you can do is encourage them to contact a reputable, free debt advice charity for help, rather than trying to sort out their problems without expert support.”

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This is a reminder that a debate about the state pension is a question of who pays and how much. The more generous the terms, the more money shifts from the working age population to older citizens, since we operate a ‘pay as you go’ system. Instead of saving for one’s own state pension, one pays for parents and hopes that children will pay  in turn.

This means the system is built around the principles of the social contract. It requires a show of faith from all parties that they will get a fair deal over their lifetime. However, despite this emphasis on inter-generational dependence in the state pension system, recent research conducted by Old Mutual Wealth shows almost two thirds (59% of those aged 30-45*) are concerned that they won’t be able to afford a decent standard of living in retirement, illustrating a lack of confidence that the social equation will deliver them a fair deal.

The triple lock has been set up as one of the key battlegrounds of this election. A recent snap poll conducted by the organization shows that a third of over 55s could be influenced by state pension policy when casting their vote at the forthcoming general election. The state pension is a political hot potato that cannot be ignored. However, it will not be easy to balance a sustainable policy solution against the interests of older voters.

Replacing the triple lock with an earnings link would make sure growth in pensions continues, but without the ratchet effect. In times when earnings fall behind price inflation, an above earnings increase could kick in until real earnings growth resumes.

If the triple lock was replaced by an earnings link then the spending on state pension would be 5.9% of GDP by 2066/67 instead of 7.1% as is currently projected, according to projections from John Cridland.

* The facts are on the basis of a survey conducted by YouGov on behalf of Old Mutual Wealth. The survey was conducted on over 3,000 people between 30 and 45 years old.

Jon Greer is Head of Retirement Policy at Old Mutual Wealth 

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IFM Correspondent

September 2, 2016: Things are not as bad as it was thought it would be post Brexit. A monthly business survey has found that more than half of the confidence lost in the aftermath of the referendum has been recovered. However, businesspersons remained largely pessimistic about the economic outlook, a survey by YouGov/Cebr UK Economic Index showed.

The report said 48% of the 500 decision-makers surveyed have an optimistic outlook now, which is up from 46% in July but still below the 53% figure recorded before the vote. This was explained by improved expectations for capital investment, revenue from domestic sales and revenue from exports over the next year — partly due to the weaker pound, the report said

The overall confidence index reached 109.7 in August from 105.0 in July. But companies remained downbeat about the economy in the next 12 months.

Prime Minister Theresa May has said she will not start the formal divorce procedure from the EU by triggering Article 50 of the EU Lisbon Treaty until next year, to allow time to come up with a negotiating stance.

“Once the UK shows its hand on Brexit and invokes Article 50, things could change for the worse quickly,” said Stephen Harmston of YouGov. “But as businesses and consumers don’t know when this will happen, they have seemingly decided to just get on with it.”

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