Nearly three quarters (71 per cent) of people are concerned about their financial situation as a direct result of the cost-of-living crisis, according to a survey from Pepper Money.
The specialist lender partnered with YouGov to conduct research of more than 6,000 adults as part of its Specialist Lending Study.
According to the survey, 76 per cent per cent of adults now track their bills at least once a month. This represents a significant increase from 67 per cent when the research was conducted last year. And the same percentage (76 per cent) of respondents say a £100 increase in their monthly bills would have a significant impact on their finances.
Worryingly, well over a third (37 per cent) of UK adults say that their current financial situation is negatively impacting their mental health, and 81 per cent think the economic environment will make it harder for them to get a mortgage.
Pepper Money: ‘Advisers have a big opportunity’
Paul Adams, sales director at Pepper Money, said: “The cost-of-living crisis is impacting everyone and is putting severe financial pressure on the majority of the population.
“Given this research was held shortly before the energy price cap was raised on 1st October, there is a high probability that this £100 increase in monthly bills will be crystallised for many households in the coming months, and this is only going to increase the financial pressure.
“Set against this backdrop, and in an environment of increased rates, as a result of the September mini Budget, mortgage advisers have a big opportunity to positively impact the lives of their customers. A mortgage is the largest monthly financial commitment for most people and good advice can help people potentially save thousands of pounds over the term of the product.
“At the same time, some customers with significant outstanding unsecured credit may also benefit from consolidating those debts. Advisers who take a proactive approach with customers in the coming months will add real value to customers and put their own businesses in a stronger position.”
