![]() We have used pooled data from September 2022 to January 2023 to examine a larger sample size than is possible in a single survey wave. However, almost half of all adults (47%) who have gas or electricity supplied to their home said they found it very, or somewhat, difficult to afford their bills between 25 January and 5 February 2023. This is the same percentage as when the question was first asked in March 2022. Around 6% of adults said they were behind on their gas and electricity bills between 25 January and 5 February 2023. Household energy bills increased significantly over the last year because of increases in wholesale gas prices during 2022.ĭespite these large rises in bills, the percentage of people falling into arrears appears relatively stable. People who are behind on energy bill payments reported lower happiness and higher anxiety But there is only so much you can sacrifice and scale back on. I make plenty of sacrifices for myself so do not do without. Similar trends are apparent among those who are borrowing more money or using more credit than usual. People who are in arrears, or are finding it difficult to make their bill payments, report lower happiness and life satisfaction and higher anxiety than people in a better financial situation. These financial pressures appear to be negatively affecting the well-being of people reporting them. As prices have risen, people’s purchasing power has reduced. However, while the amount that people spent in winter 20 was higher than previous years, consumers were able to purchase fewer goods and services. ![]() Increased borrowing and use of credit were more common among renters, parents of dependent children, and those living in the most deprived areas of Great Britain.Ĭonsumer spending trends over winter did not change significantly, compared with previous years. Those in vulnerable groups were more likely to report borrowing more. 4 in 10 adults did not expect to save any money in the coming year in early 2023 Percentage of adults reporting that they were borrowing more money or using more credit compared with the year before, did not expect to save any money in the coming year, and were unable to afford an unexpected expense, Great Britain, 19 to 30 January 2022 and 25 January to 5 February 2023ĭownload the data for adults reporting financial pressures in early 2022 and early 2023, (XLSX, 11KB) This is an increase from a third (36%) of those surveyed between 19 and 30 January 2022. Between 25 January and 5 February 2023, more than 4 in 10 adults (42%, equal to around 22 million people) said they did not expect to save any money in the next 12 months. People’s expectations about their ability to save money has reduced over the year. This is an increase from 17% between 19 and 30 January 2022. More than a fifth of adults in Great Britain (22%, equal to around 11.5 million people) reported borrowing more money or using more credit because of the increased cost of living between 25 January and 5 February 2023. A fifth of adults report borrowing more money compared with a year ago, and fewer expect to save in 2023
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