- In a new study, 23% of UK adults are now concerned about their financial health [1]
- 34% say not being able to pay basic living costs, such as rent, energy bills and food, is their biggest financial concern [2]
- Workplaces are a great source of support for employees
The cost of living crisis shows no sign of abating, piling pressure on every type of household after inflation rose by 9.4% in the 12 months to June 2022. Therefore, it comes as no surprise that currently almost a quarter of UK adults are now concerned about their financial health with 34% [2] struggling to pay basic living costs, such as rent, energy bills and food.
Despite this, only 38% [2] of people actually keep a budget and know what they can spend each month, according to research by WEALTH at work, a leading financial wellbeing and retirement specialist. This is particularly worrying when there appears to be a stigma attached to discussing money worries.
One in seven (14%) people, rising to almost one in four (23%) 18 – 34-year-olds, say they feel embarrassed about their financial worries [2].
Jonathan Watts-Lay, Director, WEALTH at work, comments; “It’s worrying that the new research shows us that 1 in 4 are now concerned about their financial health. With inflation rises, the cost of living crisis is not easing any time soon and many households are struggling to pay basic living costs, such as rent, energy bills and food.”