Cost-of-living crisis still hitting hard

Cost-of-living pressures are forcing millions of Brits to make tough financial choices.

According to More in Common, almost half of us (47%) are cutting down on luxuries to cope with rising costs.

Meanwhile, more than four in ten (44%) are shopping around for more groceries to find better deals.

And a similar number (43%) are going out to places like pubs and restaurants less.

Households aren’t just sacrificing treats and luxuries

But some are having to go even further.

For example, almost four in ten (39%) are cutting down on their electricity or heating usage to save money.

In addition, nearly a quarter (23%) are drawing down from their savings to cover essential costs.

And some (15%) are going as far as skipping meals.

Perhaps most worryingly, over one in five people (22%) have had to borrow money or rely on friends and family because their income simply isn’t stretching far enough. 

“With inflation subdued and the pandemic further behind us, the cost-of-living no longer garners headlines as it did in 2021,” More in Common.

“Yet for the public, it remains front of mind and continues to shape daily life.”

Brits feel the cost-of-living crisis will never end

Unsurprisingly, the fact that the cost-of-living crisis has lasted so long has led to many becoming pessimistic about the future.

Nearly six in ten (57%) people say they’re not sure if the cost-of-living crisis will ever end.

That’s up from just over a third (36 per cent) two years ago and almost half (47%) last year.

What can I do if I’m worried about money?

If you’re feeling anxious about your finances, there are practical steps you can take to get on a firmer footing.

Look at your spending

It’s important to know how much money you have coming in and exactly where it’s going.

You can then prioritise your spending and see where savings could be made.

Check out our guide to how to create a budget to get started, and give our budget planner a try - it’s free and easy to use.

See what benefits you could claim

You might be eligible for financial support from the government without realising it.

So use our benefits calculator to find out what help you could be entitled to claim.

Deal with problem debts

If you’re struggling with debt, get in touch for confidential, practical and impartial debt advice.