Around 41% of those who worried about their finances at least once a year spend more time worrying than planning what they should do with their money.
While 10% of those who worried about their finances at least once a day checked their finances only once a month.
NS&I said this lack of action was having an impact beyond people’s finances as a quarter of people said they felt guilty when they overspent through lack of planning.
John Prout, NS&I savings spokesman, said: “Britons seem to be getting into a cycle of financial fret. Time is spent worrying instead of focusing on money management and finances suffer as a result, causing more stress.
“By planning ahead and taking active steps we can take more control of our money and work towards saving. So if you’re getting money worries, take some time out to review the situation and take action.”
Around a quarter of those who took active steps to check their finances regularly monitored different savings accounts to ensure they were getting a competitive interest rate.
Similarly 23% had a direct debit set up from their current account to a savings account. Almost two-fifths kept a daily diary of expenditure and 16% withdrew a set allowance of money each week from their bank account.
Further NS&I research found that among the quarter of Britons who didn’t worry about their finances at all, many had invested time to make their money go further.
For example 56% of this group of people used price comparison websites to find the best deal, 53% of them used vouchers and coupons to save cash and 53% prepares a packed lunch rather than buying it from a shop.
Over a third of people who didn’t worry, went to a selection of shops to compare prices before buying an item and a quarter took a more time-consuming but cheaper form of transport.
Prout continued: “By taking the time to manage your finances and setting realistic budgets and savings goals people can reduce their financial worry.
“Taking simple steps like these will lead to larger savings pots as well as less worry.”
