Two-fifths of UK adults are worse off by £215 per month, compared to 12 months ago, according to research by a leading mortage lender.
Bluestone Mortgages, part of the Shawbrook Group, found the top concerns amid the current inflationary environment are energy bills (64%), weekly food shop (54%) and the state of their long-term finances (54%).
Bluestone Mortgages’ survey of 2,000 adults found that consumers are looking to cut back their spending by reducing energy consumption (63%), reducing spending on non-essential items (55%), and eating out less (53%).
The survey found that these concerns are having a significant impact on people’s homeownership ambitions. Of those with a mortgage, nearly half (49%) are concerned about the impact of the inflationary environment on paying it, while more than a third (35%) of those looking to buy a home are worried about saving for a deposit.
Additionally, a third (33%) of all UK adults are apprehensive about how the current economic climate will impact their future homebuying prospects.
Steve Seal, CEO of Bluestone Mortgages, said: “Stubborn inflation combined with the ongoing cost-of-living crisis is creating a new level of affordability concerns, leaving many people more out of pocket than ever before. While as a nation we tend to shy away from talking about our finances, with everyone feeling the day-to-day squeeze, we must encourage and normalise these conversations.
“For those who are worried about how increased living costs are affecting their household finances, it’s important to remember there is help at hand. Early engagement is key, and while many may be too embarrassed to speak about their financial affairs, the earlier they can engage, the more tailored support they are likely to receive.”
