You are here: Home - Household Bills - News -

A quarter of Brits are worse off than two years ago

Written by:
Brits are struggling to save as tight budgets force cut backs.

As the issue of intergenerational unfairness is looked at by politicians and the financial regulator, a new report shows that more than half of 25 – 34 year olds have missed a meal because they are hard up.

Almost two thirds (64%) have given up, or cut down, on things they enjoy due to financial difficulties. However, it’s not just the young feeling the pinch – the report from showed that a quarter of Brits are worse off than two years ago.

Targets for saving include clothes shopping (34%), meals out (40%), TV subscriptions (15%) and holidays (35%). Almost a quarter (24%) taken to walking to work to save cash.

The savings picture looks equally gloomy for many Brits. Over a fifth do not put any money aside and even those that do save an average of just £891 a year. The younger generation are leading the way on this, with three-fifths (60%) of 18 – 24 year olds saving each month, compared to 52% of those aged 45 – 54.

Women are faring worse than men. Just over a quarter of women (28%) would describe themselves as being financially better off than two years ago, compared to two fifths of men (40%). As a result, men are saving almost double what women put away – £1,144 versus £647.

Jason Smith, savings guru at, said: “It’s shocking to see that the younger generations are skipping mealtimes just to make ends meet. This coupled with a quarter of the nation being worse off financially shows it really is time to delve into your finances and see where you can start saving money.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week