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A new survey has revealed how the majority of Britons are grappling with significant financial anxiety.
Two-thirds (66 per cent) are concerned about their economic prospects in the coming months, while early a third (31 per cent) have already resorted to cutting back on essentials such as food and heating.
The research, commissioned by TSB and Lightning Reach, a platform connecting individuals with financial support, indicates a worsening situation for many.
Almost two-fifths (38 per cent) reported their finances had deteriorated since this time last year.
To manage daily costs, a quarter (25 per cent) have depleted their savings, and 16 per cent have borrowed from family or friends.
More than half (51 per cent) of those surveyed are in debt, with 42 per cent of this group experiencing an increase in their debt burden.
Almost two-fifths (38 per cent) reported their finances had deteriorated since this time last year (Getty/iStock)
A concerning 12 per cent find their debt increasingly difficult to manage, and 6 per cent have fallen behind on payments.
Meanwhile, over a third (34 per cent) are actively shopping around for better deals to alleviate financial pressure, and a quarter (25 per cent) expressed discomfort in seeking financial support, even if their situation warranted it.
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The ongoing conflict in the Middle East is also contributing to the strain, driving up prices and mortgage rates for households.
Ren Yi Hooi, founder and chief executive of Lightning Reach, said: “There’s much more support out there than people realise.”
Keely Newman, head of vulnerable customers, TSB, said: “If you find yourself in need of support, we’d encourage households to check their eligibility for a grant, and contact your bank or a charity for advice and debt management.”
Vikki Brownridge, chief executive at StepChange Debt Charity, said: “Uncertainty around household finances is rising, adding to several years of cost-of-living pressures that haven’t gone away.
“Early intervention can make a real difference for people struggling with debt, and it’s vital that people know where to access support. In fact, 85% of StepChange clients say they would have sought help sooner if they could go back in time.
“For anyone struggling with debt, it’s important to speak to your creditors, who can offer tailored support and guidance. Free, impartial, and non-judgmental debt advice is also always available from charities like StepChange.”
Censuswide surveyed 2,000 people across the UK in April.