Adults are now concerned about their financial health

The cost-of-living crisis shows no signs of abating, piling pressure on every type of household after inflation rose by over 9 per cent in the 12 months to April this year and petrol prices hit record highs. Therefore it comes as no surprise that currently almost a quarter of UK adults are now concerned about their financial health.

So, as millions of people on Universal Credit and benefits received the first half of a £650 cost of living payment from the government this month, new research suggests it couldn’t come soon enough, with not being able to pay basic living costs, such as rent, energy bills and food, identified as the biggest financial concern (34%).

Despite this, only 38% of people actually keep a budget and know what they can spend each month, according to research by WEALTH at work, a leading financial wellbeing specialist. This is particularly worrying when there appears to be a stigma attached to discussing money worries.

Aston spoke to financial wellbeing expert Jonathan Watts-Lay.

Photo by Colin Watts on Unsplash