Almost a third of Brits cutting back on food and heating amid price rises and financial pressures
A new survey has revealed how the majority of Britons are grappling with major financial concerns.
Two-thirds (66 percent) are worried about their economic prospects in the coming months, while a third (31 percent) have already resorted to cuts in basic needs such as food and heating.
Research commissioned by TSB and Lightning Reach, a platform that connects individuals with financial support, indicates that the situation is worsening for many people.
Almost two fifths (38 per cent) reported that their financial situation had worsened since this time last year.
To manage daily costs, a quarter (25 per cent) have exhausted their savings and 16 per cent have borrowed money from family or friends.
More than half of the respondents (51 percent) are in debt, and 42 percent of this group is experiencing an increase in their debt burden.
About 12 percent find it increasingly difficult to manage their debts, and 6 percent are behind on their payments.
Meanwhile, more than a third (34 percent) are actively looking for better deals to ease financial pressure, and a quarter (25 percent) say they feel uncomfortable seeking financial support even if their situation requires it.
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The ongoing conflict in the Middle East is also contributing to tensions by driving up household prices and mortgage rates.
“There is a lot more support out there than people think,” said Ren Yi Hooi, founder and CEO of Lightning Reach.
Keely Newman, TSB’s head of vulnerable customers, said: “If you find yourself needing support, we encourage households to check their eligibility for the grant and contact your bank or charity for advice and debt management.”
Vikki Brownridge, chief executive of StepChange Debt Charity, said: “Uncertainty around household finances is increasing, adding to cost of living pressures that have not gone away for several years.
“Early intervention can make a real difference to people struggling with debt and it’s vital people know where they can access support. In fact, 85% of StepChange customers say they would seek help sooner if they could go back in time.
“For anyone struggling with debt, it’s important to talk to your creditors who can offer tailored support and guidance. Free, impartial and non-judgmental debt advice is also always available from charities like StepChange.”
Censuswide surveyed 2,000 people across the UK in April.
