Financial worries and stresses are impacting 45% of people in the UK, research from Yorkshire Building Society and food redistribution charity, FareShare, has indicated.

Despite interest rates decreasing and wages increasing, financial stress is set to become even more challenging for households in the poorest quarter of the working-age population, as their ‘real’ income is set to fall by 2%, according to forecasts from the Resolution Foundation.

Income stream is a key worry for many people and is unlikely to change considerably in 2024 for the average household, yet housing, utility and food costs are set to continue to increase for many.

Yorkshire Building Society’s research, based on a survey of 2,000 people, found that 46% of UK adults are concerned their outgoings will be higher than their income over the next six months. Rising food prices (64%), heating (61%) and rent (60%) were the costs that people were most concerned about.

The research also suggested that people have already made sacrifices, with 27% of UK adults keeping the heating off even when it’s cold. One in five (21%) have missed social events and a similar proportion have reduced car journeys (18%). More than one in ten (13%) have even taken on extra work or more concerning, skipped meals (12%).

However, despite many people being concerned about their financial situation, almost half (48%) of UK adults wouldn’t know where to go for help if they couldn’t afford their outgoings. Four in five people (80%) also revealed they haven’t accessed any advice or support to pay their outgoings in the last six months.

Director of savings at Yorkshire Building Society, Chris Irwin, said: “This research lays bare the fragility of financial security for many people. Rising food, heating and housing costs are understandably of great concern and simply being able to cover bills is a worry for a lot of people.

“Also alarming is the number of people who simply don’t know where to turn for information about how they can manage their money.”

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