Whatever stage of life you’re at, there’s always something to be saving for: a summer holiday, a downpayment on your first house, retirement, a wedding, children, a rainy-day fund – the list is endless.

With inflation and the cost of living rising and job security on the decline, having the capacity to save funds has become increasingly difficult, leaving many of us wondering if we’ll ever get onto the housing ladder or afford to have children (if that’s something we want), let alone enjoy a sense of financial security.

If you feel like that’s you, you’re far from alone. A new report commissioned by savings platform Raisin UK found that almost two-thirds of Brits (58%) are stressed about their financial future.

Having surveyed 4,000 British adults, the report found that the group feeling the most pressure is those aged 35–44, with 71% reporting feelings of financial overwhelm. Following close behind are 25–34-year-olds, 68% of whom are also stressed about their future financial prospects. In comparison, less than half of those aged 45–54 (42%) and 55+ (46%) say they feel stressed about their future finances.

Across the board, women are consistently affected by financial-related stress more than men. Nearly two-thirds (62%) of women feel stressed about their financial future, compared to 55% of men. On top of that, women are less confident than men in reaching their savings goals: 68% of women feel confident they can meet their savings goals, compared to 74% of men (and only one in five Brits is confident they’ll ever meet their savings goals).

There are many reasons why women might be feeling more financial pressure than men. For one, women still typically earn less than men (20 November is known as Equal Pay Day, the day when, based on average pay, women effectively stop being paid compared to men).

Additionally, there’s the cultural narrative that women are ‘worse with money’ than men, that we make indulgent, frivolous purchases instead of saving responsibly. When you’ve grown up in a society that constantly tells you that, it’s unsurprising that you might internalise that message and worry about your financial future, no matter how much you have in the bank.

The report also found that over a third of us have either no savings or less than £1,000 in a savings account. While saving money can often feel like an uphill struggle, the findings of this report underline the importance of saving what you can when you can, as you just never know when that rainy day might hit.

Images: Getty