A revealing new poll conducted for The Independent has laid bare the financial realities facing British households in 2024, painting a picture of squeezed budgets and mounting money worries.
The Cost of Living Crunch
Nearly two-thirds of respondents (63%) reported their financial situation has worsened over the past year, with just 7% saying it has improved. The findings highlight how the ongoing cost of living crisis continues to bite, despite recent falls in inflation.
Key Findings:
- Bill shock: 72% of Britons say their regular bills have increased significantly
- Savings slump: Only 23% have managed to save money in the past six months
- Debt dilemma: 41% have relied on credit cards or loans to cover essentials
Generational Divide
The survey uncovered stark differences between age groups, with younger adults bearing the brunt of financial pressures:
- 78% of 18-34 year olds report money worries keep them awake at night
- Just 15% of over-55s feel their financial situation has deteriorated
- Under-35s are three times more likely to have taken on new debt
What This Means for 2024
With economic uncertainty continuing, financial experts warn these trends could have lasting impacts:
"These figures show many households are walking a financial tightrope," said money analyst Sarah Wilkins. "While inflation may be falling, prices aren't coming down - they're just rising more slowly. That cumulative effect is taking its toll."
The poll suggests the financial resilience of UK consumers remains fragile as we move through 2024, with many families having exhausted their buffers against further economic shocks.
