Money Wellness
Image of a piece of paper with the cost of living written on it with a red and black marker pen next to where 'cost of living' is written
category iconcost of living
calendar icon12 Oct 2023

Two in three adults worry about money

The cost-of-living crisis has led to two in three UK adults being worried about money, according to research conducted by private medical insurer Vitality Life Insurance.

69% of the people Vitality surveyed said they were concerned about their finances, while 35% admitted they did not feel resilient in supporting themselves or their families financially.

Some 55% of respondents were worried about losing money if they fell ill and were unable to work. And, if that did happen, very few had income protection (10%), critical illness cover (12%), or life insurance (27%).

Women seem to be bearing the brunt of the worry, with them feeling more vulnerable and less financially resilient than men – 39% express this feeling, compared to 30% of men. Women have also  been less likely (14%) to put money away into savings over the past 18 months, compared to 9% of men.

The rising cost of living has is also affecting families, with 43% of parents expressing their worries about being able to pay their mortgage. Of those surveyed, 33% said they didn’t feel they were financially resilient. However, the rate was higher for single parents with 44% expressing concerns in this area.  

Here’s our top tips if you’re struggling with the cost of living

Check what benefits you’re entitled to

The benefits system can be complex with more than 5.5 million people missing out on help they’re entitled to last year. It’s worth reviewing what help you’re getting and finding out if you could be getting more. Of the benefit reviews we complete for people who contact us for debt help, we manage to achieve over £1,000 uplift in their payments.

Find budgeting help

Understanding your incomings and outgoings is the first step towards financial wellness. Creating a budget helps you understand what you’ve got coming in each month and where it goes. It’ll help you prioritise spending and identify where savings could be made.

Look at what help is available from the Households Support Fund

The Household Support Fund helps low-income households with the rising cost of living. It’s distributed through councils so what help you’ll get depends on where you live. Some councils provide cash to help towards energy bills, clothes, white goods, or food while others offer vouchers.

See if you can reduce your council tax

You could be eligible for a reduction on your council tax if you’re on a low income or claim benefits. Your bill could be reduced by up to 100% depending on your circumstances. You can apply for the discount if you own your home, rent, are unemployed or working.

Get free debt help

If your outgoings are regularly exceeding your income, you should consider getting free debt help. There’s lots of different solutions to solve your debt problems such as debt management plans (DMP), Individual Voluntary Arrangement (IVA), debt relief order (DRO), debt consolidation or bankruptcy. The best solution for you will depend on your individual circumstances.

Avatar of Caroline Chell

Caroline Chell

Caroline has worked in financial communications for more than 10 years, writing content on subjects such as pensions, mortgages, loans and credit cards, as well as stockbroking and investment advice.

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