New research by the Co-operative Bank has found that 80% of adults in the UK are worried about the state of their finances, with the rising cost of utilities causing the most angst across the country.
Research shows that four out of five people worry about money, and it is utility bills as well as personal debt that is of the most concern.
At the top of the list causing financial woe is the increased cost of energy bill prices, with the cost of gas and electricity set to rise by almost 20% and 10% respectively in the autumn. This has caused two-thirds of people to worry about how they are going to be able to afford to heat their homes. Personal debt, fuel and food prices are also of concern.
A third of people are likely to cut back on heating in order to pay for the increase to their utility bills, and one in five people admitted that they would switch to a different energy provider for a cheaper tariff to save money.
“The fact that 80% of consumers are currently worried about money is a saddening yet unsurprising figure given the current economic climate and increasing cost of living,” John Hughes, director of retail banking at the Co-operative Financial Services, said.
With the ever-increasing rise in fuel bills, we can all benefit from learning how to stop wasting energy. By implementing a few energy saving tips around the house, homeowners can cut back on the amount of energy they use and save money in the process.
