More than half of people feel poorer than they did five years ago, survey finds
More than half (53%) of people feel poorer now than they did five years ago, research has found.
Six in 10 (59%) people stated that they would expect the new government to prioritise introducing measures to materially enhance their personal financial wellbeing.
Two thirds (67%) of households believe that ways to make driving more affordable should be looked at, according to a survey of 6,000 people across the UK for Compare the Market.
Just over two fifths (42%) of drivers feel less able to afford motor insurance compared with five years ago.
In order to cover motor insurance costs, some people said they have cut back on holidays (27%), eating out (25%) and groceries (18%).
The research was carried out by Censuswide in March – before the general election took place.
Energy bills
Despite recent dips in energy prices, six in 10 (61%) people surveyed did not feel confident that energy bills would be lower over the next year.
More than half (54%) of people surveyed believe reductions in mortgage costs should be a priority.
Guy Anker, director at Compare the Market, said: “There’s no doubt that the cost of living over the last few years has been incredibly tough for so many households around the UK, with over half feeling poorer today than they did five years ago.
“While it is recognised that events beyond any government’s control have significantly added to the difficulty in supporting households financially, it is nonetheless clear from our research that people want to see the new government actively do more to make them feel better off.
“However, while government action can help, we also encourage everyone to take proactive steps to help positively manage their finances.”
Mr Anker added: “Comparing products before purchase or renewal, and also regularly setting out a budget throughout the year, are two of the best ways to help save money and make the right choices for your specific needs.”
Support our Nation today
For the price of a cup of coffee a month you can help us create an independent, not-for-profit, national news service for the people of Wales, by the people of Wales.
14 years of the Tory austerity experiment is a major factor in people feeling poorer.
In a staggering display of crude avarice, King Charles’ sprawling property empire has pocketed over £334,000 in housing benefit since the onset of the COVID-19 pandemic. This money, intended to support those struggling to keep a roof over their heads, has instead fattened the coffers of a monarch whose personal wealth and royal entitlements should render such public funds unnecessary. The Crown Estate, a colossal £16 billion land and property portfolio that bankrolls King Charles and maintains the opulent royal palaces, has shamelessly accepted this money. When 14 of its tenants required help to cover their rent, the Crown Estate… Read more »
We do not ‘feel’ poorer! We ARE poorer! never has so little been expected to pay for so much. Ever increasing outgoings and ever shrinking income! And they have the damned nerve to tell us inflation is ‘only 2%!