Brits reveal turmoil over financial worries

With consumers battling the rising cost of living and a reduced level of disposable income, new research from moneysupermarket.com reveals the biggest financial concerns for households at the moment.

The survey of over 2,300 site users revealed that for one in three (36 per cent) the biggest concern at the moment is the rising cost of household bills. This was followed by the rising cost of motoring (13 per cent) and worrying about debts (12 per cent). Upward movements in the Bank of England base rate was a concern for 11 per cent of those surveyed, followed closely by worries about the risk of unemployment (eight per cent). With disposable income forecast to fall by a further £780 per cent this year, consumer's concerns look set to stay.

Clare Francis, personal finance expert at moneysupermarket.com said: "British households are bearing the brunt of rising prices, with increases in energy, fuel and food costs hitting people particularly hard. And there is no end in site with gas and electricity bills likely to go up again before the end of the year. Scottish Power is putting its standard gas and electricity prices up by 19 and 10 per cent respectively in August and the other major energy firms are likely to follow suit. It's therefore unsurprising that worries about paying the bills are keeping many people awake at night.

"However, there are still small steps that people can take that will help save cash. Many consumers are paying far more than they need to for their household bills and there are significant savings to be had by switching to a better energy tariff and making sure that you find the best deal when your car or home insurance is up for renewal  the savings can literally add up to hundreds of pounds over the course of the year. People should be reviewing all of their outgoings as a priority to see where they can get better value and free up vital cash."