Poll shows people concerned about financial security

December 10, 2022 by Heidi

Borrowers

A new poll that has been conducted by the mortgage lender Bluestone Mortgages has found that close to three quarters of those living in the UK think they will be £140 a month poorer because of the cost of living crisis.

This poll also reveals that nearly two fifths of those surveyed have major worries about their overall financial security. That adds up to almost 20 million people, with higher numbers of women than men expressing fears about their financial situations. The single biggest worry cited in the research was about rising energy bills and the ability to manage them.

Outside of that, respondents also expressed worries about paying for grocery bills, with food prices going up, and their financial situations over the longer term. Speaking to Mortgage Solutions, Bluestone Mortgages chief executive Steve Seal stated that:

“As the cost of living crisis continues, we’re seeing a staggering amount of people across the country feeling insecure about their finances and facing affordability challenges.”

He then went on to add that it was important to remind people that there is help available for them; whether it lies in contacting the company that supplies their household energy or someone who specialises in debt management.

Seal concluded by saying that the industry should be doing all it can to support vulnerable people through this.

Those with a CeMAP mortgage advisor qualification can reach out to people who are stressed about keeping up the repayments on their mortgages, which is another worry that many are facing at the moment.