Financial worries mean sleepless nights for every tenth Finn
3.4.2009Every tenth Finn has spent more than one sleepless night a month thinking their financial situation. Every fifth Finn - men more often than women - has received a payment reminder in the past six months.
The results of a survey conducted by Synovate for Nordea reveal that worrying over money is most frequent in eastern Finland. The survey, for which approximately 1,000 Finns over the age of 16 were interviewed, also indicates that more than one in four people between 29 and 39 years old have received a payment reminder.
According to the survey, the group that sees the most warning signs related to their financial situation is the 26-39-year-olds. For example, one in four use all their wages before the next payday. However, eight out of ten Finns feel that their finances are well under control.
When the general financial situation deteriorates, many households must adjust their finances. This is why it is important to notice the warning signs in time and address them actively. For example, if you receive payment reminders frequently or if the situation causes so much stress that you are not able to sleep at night, it is definitely worthwhile to start thinking about solutions. The earlier you tackle the issue, the easier it is to find a way out.
Every third of the Finns who saw signs of danger in their financial situation in the survey has started saving and almost as many have drawn up a budget in order to improve their financial situation.
Private economist Tarja Svartström offers 10 good tips for securing the financial situation:
- Don’t close your eyes; instead, grab the bull by the horns as soon as the first signs of danger appear. The quicker you are able to solve the situation, the more options you have.
- Estimate the situation. How will income change? Will expenses change? Is the bottom line positive or negative? How will buffers help and for how long?
- Make a realistic estimate. Will your situation weaken in the short term or in the long term?
- Consider which expenses must/can be cut in order to balance the situation.
- Do you have bills or debts that you can’t pay in the new situation? Contact your creditors and invoicers and tell them about your situation. Finding a good solution to the problems is also in the interest of the creditors.
- Do not take out new loans to repay old loans. However, combining many small loans into one bigger loan often reduces the monthly loan servicing costs.
- Try to avoid default registrations; they make your life difficult for a long time.
- Arrange a “family meeting” where you can discuss each family member’s role in improving the situation.
- Find out the possibilities to receive financial support. If necessary, contact public financial and debt advisory services and estimate the situation with experts. You may also have a chance to participate in voluntary or statutory arrangement of debts.
- Don’t paralyse – activity is the key to finding solutions.
Tarja Svartström
