Two changes to make as half of us feel poorer than five years ago
Six in 10 people said they would expect the new government to prioritise introducing measures to materially enhance their personal financial wellbeing, according to Compare the Market
Over half of people in the UK say they feel financially worse off than five years ago, newly-released figures reveal. Six in 10 respondents say the new government should take immediate steps to notably improve their financial well-being.
The cost of getting around by car is a major pressure point, with 67 per cent of families suggesting the government tackle this issue, survey data from a hefty 6,000 UK individuals for Compare the Market discloses. Meanwhile, 42 per cent of those behind the wheel are finding it harder to pay for vehicle insurance now than in years past.
Hard-pressed Britons are forfeiting luxuries just to afford driving costs; holidays are being skipped by 27 per cent, dining out sacrificed by 25 per cent, and a significant 18 per cent are stretching their food budgets thinner, the research conducted by Censuswide prior to the general election shows.
Despite a reprieve in energy tariffs, confidence remains low among consumers, with 61 per cent sceptical that their utility bills will shrink in the coming year. Over half, at 54 per cent, suggest slashing housing loan expenses should be high on the government's agenda.
Guy Anker, an expert at Compare the Market, commented: "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.", reports Wales Online.
"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 stated: "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."
