Rising living costs is the biggest worry for Brits

The soaring cost of living continues to weigh heavily on people’s minds. 

According to research by Go.Compare Money, almost half (46%) of Brits are currently worrying about rising living costs. 

In fact, it was found to be the most common financial concern overall, ahead of problems such as not having enough savings (30%), not having any savings (19%) or not saving enough for retirement (14%). 

It’s perhaps no surprise that rising living costs are a big concern right now, after an increase in water bills, energy prices and council tax, while inflation is tipped to go up in the next few months. 

So while inflation is, thankfully, well below its peak of 11.1 percent in October 2022, households across the country are anxious about further pressure on their finances. 

Of course, the nature of people’s worries varies depending on their age. 

For example, 18 to 24-year-olds were found to be more worried about maintaining mortgage payments than people in other age groups. 

By contrast, figures showed that saving for retirement is the top concern among 55 to 64-year-olds. 

But regardless of age, 45% of people overall expect 2025 to be a bad year for them financially. 

And interestingly, this view is more widespread among women (47%) than men (43%). 

Matt Sanders, spokesperson at Go.Compare, said: “Taking a look at your current outgoings and where you can make some savings is always a good place to start.” 

For example, he suggested that households could look to see if they’re paying for services they don’t use anymore, if they could be spending too much on lunch or if they could get their groceries in a cheaper store. 

“No matter what your financial situations look like it’s important to never bury your head in the sand,” Mr Sanders added.