Investment, protection, and retirement specialist LV= has revealed in their latest survey that 43% (23 million) of UK adults are still struggling with their finances, demonstrating the prolonged impact of the high cost of living.
The LV= Wealth and Wellbeing Research Programme, a quarterly survey of 4,000 UK adults, has shown that the proportion of people who categorise their financial situation as struggling remains high. These figures are consistent with those from the previous quarter, marking a significant increase from 35% (18 million) a year earlier.
Meanwhile, 38% (20 million) of people express worry about money, showing slight improvement from the previous quarter (40%/21 million) but a deterioration compared to a year earlier (35%/18 million).
The research also indicates that concerns over rising costs continue to be a predominant worry, despite slight improvements compared to the previous quarter. Among respondents, 49% (26 million) are concerned about rising energy bills, down from 53% in the last quarter. Additionally, 45% (24 million) worry about the rising cost of everyday items, and 36% (19 million) express worry about the future.
Clive Bolton, managing director of protection, savings & retirement at LV=, said: “The latest results from our long-term quarterly survey show that the rise in the cost of living is continuing to take its toll on the finances of millions of people.
“People are generally feeling more gloomy about their finances than at any time since the dark days of lockdown. Although the economy hasn’t performed as badly as many forecast, it is bumping along the bottom, and there appears little prospect of it returning to significant growth soon.”
Bolton noted that there are small signs of improvement as people adjust to the high cost of living. But he warned: “while inflation remains high, millions will continue to struggle financially.”
