A quarterly survey of 4,000 UK adults highlights how the personal finances of UK adults continue to be affected by the high cost of living despite some signs of improvement in consumer sentiment.

The survey indicates that the nation’s financial resilience has seen a slow but steady improvement.

The Wealth and Wellbeing indices that track current finances and future outlook show a slight rise in consumer sentiment compared to a year ago, as UK adults were 5% more likely to believe that their finances will improve in the next three months.

The index measuring savings also saw an increase, with a 3% rise in pension savings since March 2023.

Other findings show that 51% of renters are worried about the rising prices of day-to-day items while 38% are worried about the rising costs of energy bills.

LV= chief executive David Hynam says: “As a mutual, our Wealth and Wellbeing research is important to us. It helps us to understand what is impacting people across the UK and informs the support and services on offer to our customers.”

“Although our Wealth and Wellbeing Research Programme shows that fewer people are financially struggling compared to 2023, many are still worried about their finances and what the future holds for them.”

“Despite the nation gradually becoming more financially resilient, our data shows that socialising spend has remained stable as many people are prioritising their everyday living costs.”