Rising Bills Biggest Financial Concern
Increasing household bills are causing Brits to fret over their finances, as latest research suggests this is the biggest concern for households across the nation.
For 36 percent, the high cost of living coupled with a reduced level of disposable income is the biggest concern at the moment and the main problem stems from the rising cost of household bills, Moneysupermarket revealed.
The rising cost of motoring was also a huge worry for many Brits – for 13 percent it is their biggest financial concern, while for 12 percent their debts are their biggest money worry.
“British households are bearing the brunt of rising prices, with increases in energy, fuel and food costs hitting people particularly hard,” said Clare Francis, Moneysupermarket’s personal finance expert.
“People should be reviewing all of their outgoings as a priority to see where they can get better value and free up vital cash.”
For 11 percent of those surveyed, an impending rise in the Bank of England’s base rate is their biggest financial concern; this was closely followed by eight percent who are stricken by worries about the risk of unemployment.
Electricity and gas bills, already a burden on many a Brit’s budget, are set to rise further in August when another price is set to start. Scottish Power for example, is putting their standard gas and electricity prices up by 19 percent and 10 percent respectively.
Disposable incomes are set to fall by a further £780 this year, the research shows, indicating Brits need to start look at ways to feel more financially secure.
Best Prepaid Cards
If you are finding it hard to accommodate the rising cost of living, then review your spending and make a budget.
Load this budget onto one of the best prepaid cards to start using to make payments or to retrieve cash – the card does not have an overdraft so you will never go over budget.