Four out of five Brits are concerned about making ends meet as living costs surge and three-quarters need to take action to cope with the financial pressures, a new report has found.
Over a third (35 per cent) plan to cut back on non-essential leisure and holiday spending, according to the Scottish Widows data, while nearly a quarter (24 per cent) had already dipped into their savings.
Over half (57 per cent) of those surveyed said they were concerned about their finances in retirement, while half (50 per cent) do not feel they are preparing adequately for later life.
One in nine (11 per cent) of those aged in their 50s reported being worried about having to access their pension savings early to support their short-term financial resilience.
Pete Glancy, head of policy at Scottish Widows, explained this morning that “we are facing a myriad of issues and there are no easy solutions.”
“It’s sadly understandable that households are being forced to make some tough choices in their budgets, but it’s important they do so whilst taking a longer-term look at their finances.”