Research carried out for Lightning Reach, has found households suffering widespread financial anxiety, with two-thirds concerned about their finances over the coming months.
Nearly two-fifths said their financial situation had worsened compared with the same point last year. Three in ten had cut back on essentials including food and heating, while a quarter had used savings to cover everyday costs and one in six had borrowed from family or friends.
More than half of those surveyed said they were carrying debt, with 42% reporting that their debt had increased. Global instability has contributed to rising prices and higher mortgage rates, adding further strain to household budgets.
Despite the scale of financial difficulty, a quarter of people said they would not feel comfortable requesting financial support even if their situation required it.
Meanwhile, energy giant BP has said that it is now set for “exceptional” financial results in the first three months of the year after the Iran war sent the cost of oil soaring.
A spokesperson for the End Fuel Poverty Coalition, commented:
“These figures reflect what households across the country are living through. Cutting back on food and heating is not an abstract financial decision, it is a sign that the energy system based on volatile oil and gas prices is failing people.
“With forecasts pointing to a fresh energy bill rise from July, the pressure on household budgets is only going to intensify. The Government must use the next price cap period as a moment to act. Targeted bill support, action on energy debt and reform of how energy costs are structured would make a real and immediate difference to millions of households.
“And with the public backing the continuation of the Windfall Tax on energy firm profits by a margin of two-to-one, there is also a clear way to pay for this support.”