More Brits struggling to make ends meet

Most Brits don’t believe their incomes have kept up with inflation, new figures have revealed.

According to the latest British Social Attitudes (BSA) report, 67% of UK adults say their incomes haven’t kept pace with prices.

Although that’s slightly down on 70% in 2023, it’s well above the pre-pandemic figure of 55%.

The BSA report, published by the National Centre for Social Research, also found that 26% of Brits are struggling to live on their current income.

That’s up from 16% before the pandemic.

Meanwhile, the proportion who say they are living comfortably has fallen from 50% to 35% - a record low of 35%

Taxation a big concern

The rising cost of living isn’t the only issue that’s causing money worries across the country.

Figures showed that 61% believe that taxes for people on low incomes are too high.

This is up from 52% in 2016.

Meanwhile, 44% said they think that taxes are too high for those on middle incomes - an increase of 13%.

Over the same period, the proportion of people who think taxes for those on high incomes are too low has risen from 34% to 44%.

Mixed views on disability benefits and social cares

There’s also concern over how benefits and support systems are working in practice.

When it comes to disability benefits, opinion is divided:

• 29% believe it’s too easy to claim
• an equal 29% feel it’s too difficult

But notably, just 11% think spending on these benefits should be reduced, showing most people support keeping this safety net in place.

As for social care, most people want to see more support from the state:

• 38% believe the government should cover the cost for everyone
• 36% support the idea of a lifetime cap on how much anyone should have to pay

Support is available

If you’re struggling to make ends meet and have very little cash left over at the end of the month, it might be time to ask for help.

We can check you’re getting all the benefits you’re entitled to and help you create a realistic budget.

And if you owe money and are struggling with repayments, we’re here to give you debt advice.