More than four in five (82 per cent) people have seen their living costs such as grocery or energy bills and day-to-day essentials increase in the past few months, a survey has found.
As a result, nearly a quarter (23 per cent) have dipped into savings, a fifth (19 per cent) said they have changed their usual habits and more than a third (36 per cent) have cut back on spending on non-essentials, according to the research from TSB.
A fifth (19 per cent) have increased their debts, by taking out new credit, increasing existing credit, or going into their overdraft, the survey of 5,000 people in December 2021 found.
One in seven (13 per cent) people said they are struggling, according to TSB’s money confidence barometer.
More than eight in 10 (83 per cent) of those who are struggling rent their home.
Mark Curran, customer banking director at TSB, said: “It’s clear that many people are concerned about the impact of bills going up and rising inflation.”