37% of adults – the equivalent to nearly 20 million – are concerned about their financial situation, according to recent research by Bluestone Mortgages.
When broken down further by gender, women are found to be more likely to feel financially insecure than men (45% compared to 29%).
The findings also reveal that people’s financial situations vary greatly city by city across the UK, as those in Cardiff are most concerned about their financial situation (43%), compared to just a fifth (21%) in Bristol.
Steve Seal, CEO of Bluestone Mortgages, comments: “As the cost-of-living crisis continues, we’re seeing a staggering amount of people across the country feeling insecure about their finances and facing affordability challenges.
“While this is worrying, it’s important for these people to remember that hope is not lost, that there are still a number of options available to them, whether that be talking to their energy provider or being signposted to a debt adviser who can help them get their finances back on track.”
When examining the impact on finances, nearly three quarters (73%) of Brits expect to be worse off by an average of £140 per month due to rising living costs.
At a time when the price of energy is expected to rise by 80%, the findings reveal that Brits are most concerned about how current economic conditions will impact their ability to pay off their energy bills (79%).
Other concerns around the cost of living include long-term finances, affordability of the weekly food shop, savings and the ability to financially support family.
Seal added: “In times like these, it’s increasingly important for the financial services industry to support these customers.
“It is our duty to make sure customers know that there are solutions out there and to know where, how, and who to turn to amidst these challenging times.”
