New research reveals only half of people in Wales are ‘comfortable’ with the state of their finances

A new survey by Public Health Wales has highlighted that people in Wales are increasingly worried about money, with 37 per cent agreeing that they are ‘only just managing’ and a further 11 per cent ‘not managing’ to make ends meet.

While a previous survey in January 2022 showed 60 per cent of people were ‘not at all’ worried about their finances, in this latest survey this figure has more than halved to just 27 per cent.

In addition, 26 per cent of people reported that they were worrying ‘a lot’ about their finances; an increase from 15 percent in January 2022.

Cutting back

Of the 2,000 people that completed the first ‘Time to Talk Public Health’ survey between 7th November 2022 and 8th January 2023, nearly two in five (38 per cent) reported they were worrying ‘a lot’ about the cost of living.

One in three (34 per cent) strongly agreed that they were cutting back on non-essential spending due to the cost of living, and one in four (25 per cent) strongly agreed that rising costs of living are reducing their quality of life.

Other key findings included:

• 92 per cent of people agreed they keep a close eye on their finances (51 per cent strongly agreed)
• 60 per cent of people agreed that the rising costs of living are reducing their quality of life (25 per cent strongly agreed)

• 74 per cent of people agreed that many people they know are struggling to cover their cost of living (33 per cent strongly agreed)
• 78 per cent of people agreed they were cutting back their spending on non-essentials and luxuries to help with rising costs of living (34 per cent strongly agreed)
• 86 per cent of people agreed that many people they know are cutting back spending on non-essentials and luxuries to help with rising costs of living (43 per cent strongly agreed)
• 87 per cent of people agreed that they have worried about the cost of living in the last week (38 per cent a lot)
• 68 per cent of people are worried about the ability to heat their home (28 per cent a lot)
• 39 per cent would like information on improving energy efficiency at home.

Dr Catherine Sharp, Public Health Researcher at Public Health Wales, said: “Insight from the panel suggests that the financial uncertainty driven by rising costs of living is causing people to worry more about money than they have in the past.

“Findings suggest a substantial proportion of people in Wales are struggling to make ends meet, yet an even greater proportion are worrying about their finances.

“Many respondents said that their households would benefit from more information this winter on issues such as improving energy efficiency at home, improving mental health and well-being, connecting with people in the community, eating healthily on a budget and managing finances.”

PHW has gathered together a range of resources to help people access this support on: Staying well during the Cost of Living Crisis – Public Health Wales (nhs.wales)

Time to Talk Public Health is a new nationally representative panel of Welsh residents established by Public Health Wales to enable regular public engagement to inform public health policy and practice.

Currently in its pilot phase, the panel aims to recruit a nationally representative sample of residents aged 16+ years to participate in monthly surveys and provide insight into key public health issues.