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4 in 10 adults do not expect to save any money in the coming year

ended 22. February 2023

A new report has just been published by the Office for National Statistics showing, among other things, that:

  • 4 in 10 adults do not expect to save any money in the coming year as of early 2023
  • A fifth of adults report borrowing more money compared with a year ago
  • More than 4 in 10 adults who were borrowing more money or using more credit had high anxiety
  • People who are behind on energy bill payments reported lower happiness and higher anxiety
  • More than one in five debt issues taken to Citizens Advice were related to fuel bills

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2 responses from the Newspage community

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Editor
Scott Gallacher
Director at Rowley Turton
This worrying report clearly demonstrates the strong link between financial difficulty and mental health. Given the ongoing cost of living crisis, it is crucial that the Government provides greater support to help people manage their finances and avoid falling into debt. Taking proactive measures now will arguably save the Government money in the long run, by preventing the compounding financial issues that can arise if support is not provided in a timely manner. As a financial adviser, I strongly encourage anyone struggling with debt or financial difficulty to seek professional advice and support as soon as possible.
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Saqhib Ali
CEO at ZeroPA
ZeroPA recognizes 17 million are in perpetual debt owing collectively £50bn at interest rates of up to 1000%. ZeroPA will offer financial education and tools and crucially interest free loans to the financially disadvantaged and vulnerable. Millions have no access to Fair Credit and remain unbanked and underbanked.