Half of households making financial changes to cover essential costs

Millions of families are dipping into savings and cutting back on essentials to keep up with rising living costs, Which? has warned.

In the month to 17 October, more than half (52%) of households made at least one financial change to cover essential everyday spending.

Almost a third of these people (30%) accessed their savings to keep up with vital expenses, such as utility bills, groceries and housing costs.

And a similar number (28%) trimmed spending on essentials, including more than a third (35%) of low-income households.

Seek debt advice

Which? is now urging people who are struggling with expenses like groceries and energy bills to ask for help.

“With the festive season fast approaching and the weather starting to get colder, the added pressures of Christmas shopping and keeping the house warm and cosy will only add to households’ financial stresses,” said director of policy and advocacy Rocio Concha.

“We’d encourage anyone who’s struggling to seek free debt advice and to reach out to their bill provider for help.”

Help is available

If you’re struggling to keep up with your regular expenses, there are practical steps you can take.

Find out what benefits you could get

You might be entitled to financial support from the government, so use our benefits calculator to see what you can claim.

Create a household budget

Look at how much money you have coming in and where it’s going.

You’ll then be able to work out where you can make up savings and free up cash for essential costs, such as rent, mortgage payments and bills.

Check our guide on how to create a budget to get started.

Tackle problem debts

If you’re dealing with debt, then get in touch for confidential, practical and impartial debt advice, and we can discuss what options are open to you.

Contact your energy supplier

If you’re struggling with your energy bills, speak to your supplier.

They might be able to offer:

• grants
• payment plans
• advice on managing your account
• emergency credit if you’re on a prepayment meter

It could also be worth joining the Priority Services Register for extra support.