Four in 10 continue to struggle financially but shoots of optimism show – LV=

Four in 10 adults are struggling financially but one in 10 expect their finances to improve over the next three months, according to research by LV=.

Its quarterly survey of 4,000 UK adults found that 42% of respondents were struggling financially and while more than two thirds of respondents said in the past three months they had seen an increase in their total monthly outgoings (69%) and supermarket spend (68%).

However, around 10% of UK adults said they expected their finances to improve over the next three months – up from 8% in the previous quarter.

The proportion of people who thought their finances would worsen over the next three months also fell from 57% to 46%.

The Wealth and Wellbeing Research Programme ­covers four key indicies measuring consumer financial confidence and security.

While still largely negative, its latest results were beginning to show some improvements in people’s financial situation or expectations for the coming months.

 

 

 

 

 

Clive Bolton, managing director of protection, savings and retirement at LV=, said: “The LV= Wealth and Wellbeing Research Programme has highlighted how millions of people have been squeezed financially over the past 12 months as rising energy bills, interest rates and inflation reduce their spending power.

“Millions of people remain gloomy about their finances and are struggling to make ends meet. However, after 12 months of steady deterioration, several of the indices we track have stabilised or improved compared to the previous quarter.

“For example, this is the first time that our two key indices – measuring financial outlook over the next three months and finances over the previous three months – have begun to improve since autumn 2021.

“It’s too early to say if this is the start of a long-term improvement in people’s finances but if the cost of living and inflation begin to ease, people could begin to feel more optimistic about their finances.”

 

Exit mobile version