A new ‘Wealth and Wellbeing' survey suggests that more than half (53%) of people say their finances have worsened over the past three months. The study in June of 4,000 people across the UK found that around two in five (43%) expect their finances to deteriorate over the next three months.
LV=, which carried out the quarterly research, said the latest findings are the most negative since June 2020, when its survey started. Six in 10 (61%) people who took part said their total monthly outgoings had increased over the previous three months, while 20 per cent said the amount they are saving had fallen over the same period.
Nearly 58 per cent of respondents have seen an increase in their supermarket spending, while three in 10 (31%) are spending less money on socialising. More than a third (36%) described their financial situation as ‘struggling’ - and LV= said this has increased each quarter over the past year.
