Most people still feeling cost-of-living pinch

A staggering 91% of people in the UK are still feeling the pinch from the cost-of-living crisis.

That’s about 63.1 million folks grappling with financial pressures, according to research by Go.Compare Home Insurance.

Most people are still battling to keep up.

In fact, around 44% reported increased money worries compared to last year, while 37% feel similarly squeezed as before.

Only 16% feel better off than they did 12 months ago, while just 9% of respondents say they’re no longer affected.

How are people coping?

So, how are people managing these rising costs?

A common strategy is cutting back on non-essential spending:

• 30% have reduced or cancelled entertainment services like streaming.
• 19% have trimmed their internet, TV or phone packages.
• 33% are saving less, prioritising immediate bills over future financial goals.
• 6% have even cut back on commitments like home insurance and pensions.

Despite these efforts, some are still struggling with basic payments:

• Around 9% find it hard to pay rent.
• 5% have mortgage troubles.
• A worrying 20% are late on utility bills.

Help is available

If you’re struggling to cover your essential costs, it might be time to ask for help.

We can help you with everything from budgeting to making sure you’re getting all the benefits you’re entitled to, as well as advising you on debt solutions (some are free, for others there’s a fee).

All of our debt advice is free and impartial, and you can access it online 24/7 or over the phone during our office hours – call us on 0161 518 8285.