23m expect their finances to worsen over next three months
- The proportion of people who expect their finances to worsen in the next three months is at its highest since LV= survey began
- People continue to spend more and save less as outgoings continue to rise driven by rising inflation
Research from pensions and retirement specialist LV= highlights the personal finances of millions of people are continuing to worsen.
The LV= Wealth and Wellbeing Monitor* ¬- a quarterly survey of 4,000 UK adults – reveals that millions of people expect their finances to worsen over the next three months, total monthly outgoings are rising, people are saving less while spending in supermarkets is rising and socialising is falling.
The June 2022 figures are the worst they’ve been since June 2020 when LV= started surveying consumers during the pandemic. This highlights how the confidence of UK consumers is falling sharply as millions feel the effects of rising prices.
The LV= Wealth and Wellbeing Monitor* ¬reveals…
- Worsening financial outlook: 43% (23m) expect their finances to worsen over the next three months
- Deterioration in finances over past three months: 53% (28m) say their finances have deteriorated over the past three months.
- Outgoings increase: 61% (32m) say their total monthly outgoings have increased over the previous three months
- Saving falls: 30% (16m) said the amount they are saving has fallen in the last three months
Supermarket spend is up, socialising down: 58% (31m) have seen an increase in their supermarket spending, while 31% (16m) are spending less money on socialising
Growing numbers are feeling the effects of the cost of living crisis…
- 36% (19m) of UK adults have described their financial situation as “struggling” and this has increased each quarter over the past year
- 38% are worried about money, rising by 10% since June 2021
- People aged 18-34 (46%) were the age group most worried about money. Parents of young children (aged 0-10) were also very worried about money (44%).