A new study has found that most Brits are burying their heads in the sand over the impact of the cost-of-living crisis on their household finances. Two-thirds of households currently believe that the cost-of-living crisis will cost them no more than £1,000. But experts predict a typical household will see increases at least three times higher than that.
A third of households surveyed expect their household bills will only rise by £500 in the coming year, according to research by cost-of-living champions Nous.co, a new service that lets users see a live personalised forecast of their household spending and how those costs will change over time.
The research has also shown that the majority of Brits are more concerned about other households than they are about their own. This indicates that most people believe the current crisis is mostly someone else’s problem – a classic sign of anxiety and ‘avoidance behaviour’.
