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Half of Brits feel worse off than five years ago

Half of all adults feel worse off financially than they did five years ago, according to a survey commissioned by price comparison website Gocompare.com.

The survey of more than 2,000 adults found that 63 per cent of 45-54 year-olds and 61 per cent of people aged 55-64 feel they are worse off financially than they were in December 2008, shortly before the UK went into recession.

The research also shows that financial issues are a particular concern for younger adults aged 18-24. More than a quarter (28 per cent) expect to ask for financial help from friends and family this year, while 26 per cent said they are seriously worried about their finances.

The survey also found:

  • 29 per cent said their finances have improved over the last five years
  • 22 per cent believe their situation is unchanged
  • 32 per cent feel worse off than they did in December 2012
  • 11 per cent are concerned about meeting rent and mortgage payments
  • 17 per cent of respondents said they tend to run out of money before the end of the month.

Claire Peate, Gocompare.com’s customer insight manager, said:

“While there has been talk of encouraging signs of recovery in recent months it is clear from this research that there are millions of people in the UK still suffering from the impact of the credit crunch and the economic downturn that led to the worst recession in this country for many decades.

“For many people, the impact of the last five years is that there is now no margin at all in their finances, with credit cards making up the difference each month and genuine concerns about maintaining rent and mortgage commitments as a result.”

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