Millions of households across Scotland and the rest of the UK are preparing for a shift in seasons which will force everyone to tighten their spending and put an even tighter squeeze on budgets as energy bills are set to rocket by more than 80 per cent from £1,971 to £3,549. Ofgem announced the new energy price cap on August 26 and it will come into force on October 1.
While most people have reviewed their outgoings and streamlined their finances as much as they comfortably can, a recent ‘Wealth and Wellbeing' survey by LV=, suggests that more than half (53%) of people say their situation has worsened over the past three months. The study of 4,000 people across the UK found that around two in five (43%) expect their finances to deteriorate by the end of September.
If you are worried about managing your money, one of the first things to do after reviewing your financial situation is to make sure you’re claiming all the money you’re entitled to. While many people mistakenly believe there is a stigma attached to claiming benefits, it’s worthwhile noting that an estimated £15billion state support from the Department for Work and Pensions (DWP) went unclaimed over the last year.
