When we hear of a person suffering from a ‘mid-life crisis’ then invariably we think of someone in their 40s who is perhaps acting in such a way that epitomises someone looking to recapture their lost youth or who spontaneously decides to take their life in a different direction because of a hidden sense of unfulfilment.
However, new research suggests that a new kind of ‘mid-life crisis’ has taken root in British society – namely, one that is causing people over 40 to struggle with debt and their ability to keep up with monthly bills.
Although many within this age demographic will have established careers, the findings of the study by Halifax indicate that 40-somethings are the least likely to have noticed a positive change to their personal circumstances despite signs of an overall economic recovery, with over one third feeling worse off now than in 2013.
It is perhaps not surprising that people in their 40s, most of whom are managing the costs associated with raising a family and paying a mortgage, were also more likely to admit to running out of money before payday in the last year.
To compound matters, those in their forties were also identified as being the age group that are least likely to be organised with their finances, the least likely to have money set aside and the least likely to always pay their bills on time.
Anthony Warrington, director of Halifax Current Accounts, said the improving economy is not an adequate guide for assessing the financial health of specific age groups.
“While there has been an improvement in people’s finances overall, those in their 40s are most likely to still be feeling the squeeze,” he said.
“People in their 40s face a wide range of demands on their finances, often juggling the cost of supporting children, with paying a mortgage, and trying to save for their own future.
“This research highlights that although the outlook looks brighter overall, the recovery is not evenly spread.”
Of course, nobody is suggesting that debt problems only affect those entering middle-age. Falling into arrears can be an incredibly stressful and isolating experience for anyone who owes money and is struggling to pay it back.
No matter which age group you may fall into and which type of debt problem you have, the importance of acknowledging it early and seeking help is vital.
Contact Council Tax Advisors for the very best independent advice on how to deal with debt problems.