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Brits 'worry about debt for 2 years of their life'

The extent of Britons' debt fears has been laid bare by new research from the Co-op.

According to the Co-Operative Bank, the average person will spend around two years of their lives worrying about their spending and borrowing - and the debt spiral that can ensue.

Collectively, people were found to spend 13 billion hours per year thinking about debt.

Almost half (48 per cent) of poll respondents said that they were either "concerned" or "deeply concerned" about their finances.

Scott McPhail, savings product manager at The Co-operative Bank, said: "It is worryingly clear from the research that the vast majority of UK adults are deeply concerned about their finances.

"Rising levels of debt and inadequate saving provisions [are] responsible for countless sleepless nights nationwide."

Recent figures from charity Credit Action have revealed that the total level of personal debt in the UK is approaching £1.4 trillion.

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