It may be a New Year but that doesn’t necessarily mean a new start for families financially speaking.
A new survey has revealed that the rising cost of living and ever more expensive bills are the primary financial concerns still eating away at UK adults in 2014.
According to research by GoCompare, 36% of adults are worried about the rising cost of living and bills, making it the top concern, followed by not saving enough (13%) and a fear of not being able to find enough work to make ends meet (10%).
Among 18-24 year olds these top three concerns made an about-turn, with 39% of people in this age group worried about not finding work and 29% citing that not saving enough was their biggest concern in 2014.
Other financial fears over all age groups included: credit cards, losing jobs, not saving enough for retirement, rising mortgage interest rates and keeping up with mortgage and rent repayments.
Claire Peate, Gocompare.com’s customer insight manager, said: “While there are signs of a growing confidence in these figures in terms of relatively few worries about job security or rising interest rates, it is clear that the squeeze on budgets is still being felt.
“Food and energy price inflation combined with static wages for many people mean it is the basic cost of living which remains at the forefront of people’s concerns looking ahead.”
Cutting costs in 2014: mission impossible?
While a significant number of people believe they can cut down on their grocery and utilities bills, over a quarter of those surveyed (28%) said they didn’t think they could make any savings when it came to their everyday living costs.
However, 47% of respondents said they could make savings on their grocery bills. Brits also plan to save cash by making savings on gas and electricity costs (26%) and TV, mobile, internet and home phone bills (25%).
Other areas featured in responses included: petrol and other transport costs (21%), credit card and loan interest payments (17%), car insurance (12%) and mortgage or rent costs (4%).
Bad credit loans are available to give you access to the funds you may require. Of course, no such loan should be taken lightly, and as with any form of borrowing it is important that you are able to meet repayments.