Brits brace themselves for a very difficult year financially in 2013
A new survey into the nation's New Year money worries found that 64 per cent of Brits are bracing themselves for a very difficult year financially in 2013, with most (42 per cent) concerned about increases in the cost of living and rising bills.
2013 money worries
The survey commissioned by comparison website,Gocompare.com, found that the rising cost of living is Brits' biggest financial worry in 2013, far outweighing other concerns including losing their job (seven per cent), not saving enough (eight per cent), the cost of running a car (6 per cent) and maintaining mortgage or rent payments (four per cent).
New Year savings on essential outgoings and bills
Food shopping was identified as the biggest area where savings could be made with 37 per cent of respondents saying that they could cut down on their grocery bills in 2013.
Other key areas identified for slimming down outgoings include:
TV, internet, mobile and home phone bills (26 per cent)
Gas and electricity costs (21 per cent)
Petrol and other transport costs (18 per cent)
Credit card and loan interest (13 per cent)
Car insurance (12 per cent)
Mortgage or rent costs (5 per cent)
However, the survey suggests that many Brits have stretched their household finances as far as they can go with well over a third (39 per cent) saying that they don't think that they can make any savings in their essential outgoings and bills.
John Miles, Gocompare.com's business development director, commented: "Without doubt, 2013 will be a tough year for many people as austerity measures continue to bite. Using a comparison site like Gocompare.com can help stretch your household finances by making it easy to compare a wide range of products and services from car insurance, mortgages, utility bills to credit cards and mobile phone deals. Providers constantly review their pricing, so even if you think you're getting a good deal on your financial products at the moment; it is worth shopping around on a regular basis. Ten minutes spent shopping around for the best deals on your outgoings could save you hundreds of pounds, giving your household budget a much needed boost. In fact, Gocompare.com customers save, on average, £391.51 on their car insurance, £125.66 on their home insurance, and could save up to £350.95 on their gas and electricity alone."