Families concerned about rising cost of living

24 Feb, 2016

New research to support the launch of Sainsbury’s Bank’s  ‘Family Finance Report’ this week shows that, despite the emergence of green economic shoots and low inflation, the majority of people in the UK are not overly optimistic about their finances when compared to last year.

Despite wages increasing by around 2% in the past 12 months and consumer price inflation averaging 0.02% last year, the findings reveal that almost half of those interviewed claim they feel no better about their money matters this year than they did in 2015 while a quarter say they feel less confident.

73% of us admit to having some financial concerns whilst for 26% of people, their biggest money worry is the cost of living, and that’s not surprising with higher Council Tax bills on the way and the additional Insurance Premium Tax taking a further bite out of household budgets.

Nearly one in ten people said their main financial concern was not receiving a good enough return on their savings – I’m surprised that figure isn’t much higher considering the appalling rates currently on offer.

As if these concerns weren’t enough we’ve now got the possibility of the UK voting to leave Europe this summer and the potential financial implications that may bring.