Millions of Brits forced to make lifestyle changes to afford everyday essentials
Over half of UK households made financial adjustments in October, highest this year
- Over half of British households (52 per cent) made financial adjustments to cover essential costs in the month to mid-October, marking the highest level recorded this year.
- This equates to an estimated 14.8 million households nationwide, resorting to measures such as cutting back, using savings or borrowing.
- The proportion of households missing at least one essential payment, like rent or utility bills, decreased to 5.5 per cent, affecting approximately 1.6 million homes.
- Consumer champion Which? warned that despite fewer missed payments, the overall rise in financial adjustments highlights growing vulnerability to the cost-of-living crisis, especially ahead of colder weather and the festive period.
- A third of people (34 per cent) anticipate their household financial situation will worsen over the next year, primarily citing concerns about rising food prices, bills, inflation, and potential tax increases.