As the cost-of-living crisis worsens, price comparison experts Quotezone.co.uk asked consumers how they have been managing their finances this year.
According to the latest survey, 71.9% of Brits say their household finances are in worse shape now than they were during the Covid-19 pandemic.
Households also appear to be postponing or cancelling major life decisions as the UK struggles with rising living expenses, a slew of energy, inflation, and pension issues, as well as income plummeting below levels seen during the pandemic.
Economic hardship has already seen the government introduce an unprecedented cost-of-living payment scheme, with the second payments going out later this month (23rd November).* This has been introduced to support households with the rising financial pressures, as part of a wider government package.
The survey suggests Brits have had a more low-key year than usual with cancelled holidays, postponed weddings and half (49.6%) either cancelling hobbies or keeping them closer to home with free of charge interests such as crafts, knitting and book clubs – a return to a quasi-lockdown of sorts as personal finances continue to worsen.
Quotezone.co.uk’s research also found that many people have cancelled their Netflix, Disney+ and Amazon Prime accounts, claiming they are worried about finances taking a nosedive this winter – forgoing entertainment services for a more cost-conscious run up to Christmas.
The data, compiled by Quotezone.co.uk, was taken from a survey of 1,000 consumers, completed in October 2022.
Greg Wilson, Founder of price comparison website Quotezone.co.uk, comments: “It’s concerning to hear that households feel worse off financially now than during the pandemic. It’s clear that the cost-of-living crisis is taking its toll and making people rethink their expenses – which is sensible given the current financial climate.
“The festive season can put additional strain on household finances, so for those worried, there are a variety of approaches to consider, from ensuring you’re not overpaying on your bills, to cancelling unnecessary direct debits and of course shopping around and comparing prices on even the most basic of household bills and essentials.”
Quotezone.co.uk is one of the leading price comparison websites in the UK, helping over 3 million users find a more competitive deal on everything from car finance to home insurance, and from income protection to 95% mortgages.
