UK adults say the current economic climate is the harshest they have experienced, with half of all Brits either unable or soon to be unable to pay all of their bills.
Millions of Brits are concerned about the months ahead as 47 per cent said they are not confident in their ability to pay their energy bills without falling into debt or late payments before the year is out.
A majority (53 per cent) said the current economic conditions are the most challenging they have ever experienced, while three in five stated that inflation has had a negative impact on their finances, according to new research from the app ZIPZERO.
The findings come as inflation has hit 9.4 per cent in the UK, with annual spending on food expected to rise by £380 this year, while energy bills are on track to pass £3,000 for the first time ever.
The research further showed that almost a fifth of UK adults have already been unable to pay an energy bill in 2022 – this figure rises sharply to 36 per cent among 18–34-year-olds.
“These findings show how aggressively the cost-of-living crisis is hitting the British public, particularly younger adults,” said Mohsin Rashid, co-founder of ZIPZERO, this morning.
He told City A.M.: “I am deeply concerned by the staggering amount of people (47 per cent) who do not believe they will be able to pay their energy bills throughout the year. That is a huge figure, and it reflects some of the estimates from energy bosses who predict as many as four-in-ten Britons will fall into fuel poverty in the autumn.”
The survey also explored what actions Britons were taking to aid their finances during the cost-of-living crisis. The findings show that women have been far more proactive than men in seeking solutions.
Over a third (36 per cent) of females have been collecting vouchers, coupons or special offers this year, compared to 22 per cent of males.
In addition, 32 per cent of females have begun more thoroughly researching to find the best price before making an online purchase, compared to 24 per cent of males; and 23 per cent of females have sold things they own online, compared to 15 per cent of males.