Some 19 million people say they are struggling financially while four million turn to family and friends for help, according to research from pensions and retirement specialist LV=.
The LV= Wealth and Wellbeing Monitor – a quarterly survey of 4,000+ UK adults – found that millions of people are worried about their finances, struggling financially and increasingly worried about money.
Parents with young children are most affected by the cost of living crisis with money worries forcing many people to turn to friends and family for help.
Clive Bolton, managing director of protection, savings & retirement at LV=, said: “The findings of the LV= Wealth and Wellbeing Monitor are alarming and highlight how precarious the finances of millions of people are.
“The research shows that rising prices are squeezing incomes making many financially vulnerable. Millions of people – and particularly those with young children – are struggling and things are likely to get worse as interest rates rise and if the economy goes into recession.
“Consumer sentiment is in many ways worse now than during the dark days of lockdown. In April last year our research showed that lockdown meant large numbers of people were saving money, but now people are responding to increased living costs by saving less and spending less on socialising.
“Millions say they are even struggling to pay utility bills, have taken out additional loans or are turning to friends and family to make ends meet.”
