Nearly 20 million Britons say they are “concerned about their financial situation” with many fearing the cost-of-living squeeze will leave them £140 worse off a month, a poll by Bluestone Mortgages shows.
The study by the lender says 37% of adults – the equivalent of nearly 20 million people when extrapolated from its poll – feel insecure about their finances.
It adds that nearly three-quarters of the country, or 73%, expect to be worse off by an average of £140 per month due to rising living costs, sparked by higher food and energy bills.
The poll comes after the Bank of England continued its run of rate hikes by lifting the interest rate by 75 basis points, the biggest rise since 1989, to 3%, earlier this month.
The move is designed to combat rising inflation, which stands at 11.1%. In November, the base rate was 0.1%.
The mortgage lender’s report says 79% of people are most concerned about how higher living costs will affect their ability to pay their energy bills.
Following that, 60% are worried about their long-term finances, and 58% are unsure about their ability to afford the weekly food shop.
Broken down by gender, women, on 45%, are more likely to feel financially insecure than men, on 29%.
Regionally, people’s view of their finances varies greatly city by city across the country. Those in Cardiff are most concerned about their financial situation, on 43%, followed by Glasgow, 41%, and Manchester, also 41%.
The cities that were least concerned were Bristol, on 21%, followed by Edinburgh, 33%, and London 34%.
Bluestone Mortgages chief executive Steve Seal says: “As the cost-of-living crisis continues, we’re seeing a staggering amount of people across the country feeling insecure about their finances and facing affordability challenges.
“In times like these, it’s increasingly important for the financial services industry to support these customers. It is our duty to make sure customers know that there are solutions out there and to know where, how, and who to turn to amidst these challenging times.”
Bluestone Mortgages poll was carried out by data group Opinium between 12 and 15 August among 2000 UK adults.
