Over half of UK workers worried they will miss rent or mortgage payments
More than half of UK workers are worried about making their monthly rent or mortgage payments, a study finds.
Despite having the security of regular income, 52% of those in employment are still concerned about affording their homes, compared to 42% in 2022.
The majority (58%) of the 2,000 respondents surveyed by insurer The Exeter said they were concerned about being able to afford basic food and utility bills.
As people deal with the ongoing cost-of-living crisis, many appear to be battling with what approach to financially secure their future.
While 65% are anxious about not saving enough money, there are short-term fears influencing workers’ decisions, as a total of 9% are reducing their pension contributions – a rise of 5% on last year. A separate iSIPP study in June found this amount rose to 35% for employees under the age of 35.
The overall picture of how the UK feels about money shows that while worries remain on rent and essential everyday spending, many have acclimatised to issues such as hikes in interest rates and inflation.
‘The list goes on’ when considering the UK’s financial concerns
A total of 75% surveyed were anxious about the rise in the cost of living in the UK, which while a considerable amount, is in fact a 4% drop from last year.
Isobel Langton, CEO of The Exeter, commented: “The health and financial fears of UK workers have continued over the past twelve months, with our latest research showing how widely the cost-of-living crisis is being felt. People are more worried than last year about paying bills, meeting rental or mortgage payments, a loss of employment, the availability of NHS services, and the list goes on.
“None of us can predict when the uncertainty we are currently experiencing will pass, but we must not forget the role that we play in helping to protect the health and financial wellbeing of UK households. Whilst we should be mindful of the challenges people are currently facing, it’s important that we continue to talk about insurance, the options available and its role in providing more people with support and peace of mind during difficult times.
“We hope our research helps inform wider conversations around protection, health insurance, and the added benefits included so that we can protect more people.”