What is the biggest money worry keeping you awake at night? Take our poll
Rising energy prices and the cost of living have topped a national poll on the money worries keeping us Brits most awake at night.
A toxic combination of spiralling inflation, unemployment, weak GDP growth, tax cuts and rising housing costs is proving a real headache for many. The UK's creaking economy is struggling as households and businesses come under continued pressure from higher borrowing costs, increased taxes and elevated living expenses. In short, it's a pretty miserable time.
A new survey reveals 80 per cent of Brits are most concerned about the increase in energy prices, 72 per cent are worried about everyday costs and 61 per cent are struggling with rising inflation. Data from mortgage lender Hodge revealed that although concerns about the rising cost of living have eased slightly, it continues to impact more than three quarters (76 per cent) of people surveyed. From a regional perspective, top worriers are in the East Midlands (35 per cent), followed by West Midlands (34 per cent), and North East (33 per cent).
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Biggest money worries in the UK
Shop prices 'are yet to peak and will remain high' as inflation hits new heights
- Energy prices - 80 per cent
- Cost of everyday items - 73 per cent
- Rising inflation - 61 per cent
- Fuel prices - 52 per cent
- The effect on pension/retirement income - 32 per cent
- The effect on wages - 22 per cent
- Rising interest rates - 22 per cent
- Fall in the value of the pound - 22 per cent
- House prices - 18 per cent
- Increased loan payments - 12 per cent
Additionally, more than a third (38.2 per cent) of Northern Irish residents expressed worries about fuel and electricity costs. Surprisingly, despite these concerns, they boast the highest confidence in managing their own money. Meanwhile, the housing market continues to present challenges for first time buyers with skyrocketing mortgage rates, reflected in the 10 per cent of Brits that are actively saving towards owning a house. Instead, many are choosing to save for leisure activities.
From an age perspective, 57 per cent of people aged below 20 are most concerned by the escalating costs of fuel. However, more than two thirds (69 per cent) of 20-30 year olds are deeply worried about the increasing cost of everyday items. Interestingly, residents aged 31 and older are struggling with energy costs, underscoring the shifting worries and priorities experienced throughout different life stages. And we want to know which money worry is YOUR number one cause for concern. Let us know by taking our poll above
Christie Cook, managing director of retail at Hodge, said: "Over the past few years, the UK has faced economic uncertainty, making financial planning a challenge. It's evident Brits are actively taking steps to manage their finances amid these challenges with the majority reducing their electricity usage to cut back on costs. Additionally, nearly half (49 per cent) of the UK population are preparing for their future by setting aside money in emergency savings. Others are choosing to enjoy their money by saving for a holiday, while more than 4 in 10 (46 per cent) are dipping into their savings."
Surge in demand for help - and where to find it
As the cost-of-living and rising debt levels continue to take their toll on us all, it's small wonder the UK has seen a 34 per cent surge in demand for financial help.
The first week this year saw a significant increase in visits to the government-backed MoneyHelper's Money Troubles pages. The website, which offers free advice on a range of financial topics, saw a whopping 37 per cent jump in unique visitors and a 48 per cent increase in page views, according to the Money and Pensions Service.
Its most visited pages were 'dealing with debt' and 'help with the cost of living'. Other popular pages included 'emergency help with money and food' and 'dealing with county court judgments (CCJs)'.
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