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Over two-fifths (41 percent) of UK consumers are worse off financially compared to 12 months ago, new research has found.
This is equivalent to around 21 million people across the UK.
On average consumers are worse off by £229 per month, with women feeling the pinch more (£250 compared to £201 for men), according to research from specialist lender, Bluestone Mortgages.
The research found that families (aged 35-44) and those with adverse credit have been hit the hardest by the ongoing financial pressures, with 47 percent saying they are worse off than 12 months ago.
These groups are worse off by £288 and £267 per month respectively.
Amid ongoing financial pressures, the cost of living crisis is cited as the top financial concern by consumers (83 percent), followed by increased utilities and council tax bills (64 percent) and reduced income (25 percent).
However, the squeeze on finances is also affecting people’s ability to afford their homes.
Over a half of renters (55 percent) are worried about increasing rent costs, and 19 percent are worried about saving for a deposit, while 43 percent of mortgage holders are concerned about rising mortgage repayments.
Ryan Davies, Strategy Director, Bluestone Mortgages, comments: “While inflation is easing, it is not falling quickly enough to ease the strain on consumer finances.
“As a result, we’re likely to see a growing number of potential homebuyers finding it harder to save for a down payment or manage their monthly mortgage payments.
“For those in this situation worried about the squeeze on their finances over the months ahead, it’s important to remember that there is help at hand.
“Whether that be getting in touch with their mortgage lender to ask for a payment holiday or speaking with a broker to understand the different options available, it’s our duty as an industry to help these customers rebuild their financial resilience and make their homeownership dreams a reality.”
