The increasing cost of living and the impact of Brexit top the Nation’s main financial concerns for 2018, according to new research from GoCompare. The research found that 40% of people think that 2018 will be a financially challenging year, with 12% admitting to being ‘seriously worried about their finances’ in the year ahead.
|The UK’s biggest financial worries for 2018||%|
|The rising cost of living (including bills)||58|
|The impact of Brexit||29|
|Not saving or investing enough||27|
|Not saving enough for retirement||17|
|Not being able to find sufficient work||16|
|Losing my job||11|
|Maintaining mortgage or rent payments||11|
|Managing credit card and other unsecured debts||10|
|Mortgage interest rates rising||8|
Just under half (49%) of people said they need to try and reduce their outgoings in 2018, with one in ten expecting to carry credit card debt for most of 2018 and 7% relying on credit cards simply to make ends meet.
The rising cost of living was of greatest concern to those aged 65 and over with 73% citing it as their biggest financial worry in 2018, compared with 58% of all UK adults. Meanwhile, young adults (aged 18 to 24) were significantly more concerned (35%) than the UK adult population as a whole about the ability to find sufficient work.
Commenting on the research, Georgie Frost, Consumer Advocate for GoCompare, said; “The level to which people are worried about their financial situation and job security in coming year is a real concern. We know that money worries can impact on our relationships, our work and our mental health, causing us to make poorer financial decisions which in turn could make our situation worse. With the rising cost of living and most of us unlikely to see a pay rise any time soon, it’s no surprise many are expecting to have to make sacrifices.”