Millions of Brits forced to make lifestyle changes to afford everyday essentials
More than half of British households have made at least one financial adjustment to meet their daily needs in recent weeks, according to consumer advocate Which?; This marks the highest level recorded this year.
A survey found that 52 percent of respondents changed their spending during the month by mid-October, affecting expenses such as utility bills, housing and food.
This works out to an estimated 14.8 million households nationwide; this is a peak not seen since December 2024.
These adjustments include cutting back on needs, turning to savings, selling property or borrowing; Low-income households are especially likely to reduce basic expenses.
On a positive note, the proportion of households missing at least one basic payment such as rent, mortgage or utility bills fell to 5.5 percent from 7.7 percent in September, affecting approximately 1.6 million households.
Despite fewer missed payments, which one? He warned that the overall increase in fiscal adjustments points to increasing vulnerability to a cost-of-living crisis, especially ahead of cold weather and the expensive festive period.
A fifth (20 percent) of respondents believe their household situation will improve over the next 12 months, and nearly a third (34 percent) think the situation will worsen.
The consumer group said when people were asked why they thought their household situation would worsen over the next 12 months, the majority cited cost-of-living issues such as food prices, bills or inflation.
Taxes and policies were also widely mentioned in the consumer insight track, with some highlighting concerns about possible tax increases. Which one? added.
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A woman from Scotland told researchers: “The cost of living is so high; it’s hard to make ends meet. Grocery shopping is stressful because everything is so expensive and bills are being paid, the cost of everything is going up. I think it’s going to continue to get worse.”
Which? People who can’t afford or are struggling to meet basic needs like energy, credit card or mortgage payments should immediately talk to their provider for help, he said.
Rocio Concha, Which One? Director of Policy and Advocacy said: “Our research shows millions of households are struggling to meet the costs of daily essentials such as utility bills, mortgage and rent payments and weekly shopping.
“With the festive season fast approaching and the weather starting to cool down, the pressures of Christmas shopping and keeping the house warm and cozy will further increase household financial stress.
“We encourage anyone struggling to get free debt advice to reach out to their billing provider for help.”
The survey of more than 2,100 people across the UK was conducted between 17-19 October.
