The holiday season is a time for joy and togetherness, but for millions of UK families, the soaring cost of living casts a shadow over the festive period. A survey conducted by Vitality, in collaboration with Opinium, has uncovered that 73 per cent of UK adults have or plan to cut back on Christmas.
These cutbacks come as families across the UK grapple with financial concerns. According to Vitality’s survey, 69 per cent of UK adults are worried about their financial situation, and among parents these concerns are especially pronounced, as 43 per cent express anxiety over their ability to meet mortgage payments.
The findings shed a light on the stark realities facing millions of families at Christmas as rising energy costs, food prices and the overall cost of living force many to make difficult choices.
Over half of people (55 per cent) worry about losing income if they aren’t able to work due to ill health. However, despite this, many people are leaving themselves unprotected, with only 10 per cent having income protection, 12 per cent having critical illness cover and 27 per cent having life insurance.
43 per cent of parents are worried about paying their mortgage
Looking at the impact of the cost of living on families, 33 per cent of parents do not feel financially resilient, and 43 per cent are worried about their ability to meet their mortgage payments.
Single parents are at greater risk, with 44 per cent not feeling financially resilient. The majority of the UK also feel their spending on bills has increased, with 3 in 5 saying it has risen since March 2022.
2 in 5 women do not feel financially resilient
The ongoing crisis has disproportionately impacted women, leading them to feel more vulnerable and less financially resilient than their male counterparts. 39 per cent of women report not feeling financially resilient, while only 30 per cent of men share the same sentiment.
Moreover, 61 per cent of women have reported an increase in expenses, compared to just 53 per cent of men. In the last 18 months, there’s been a 14 per cent increase in women being unable to save each month, which stands in contrast to men, who have seen a 9 per cent increase.
Families in Newcastle and Cardiff are most worried
The outlook regionally shows that those living in Newcastle and Cardiff may be the worst hit at Christmas, with 80 per cent and 79 per cent of residents saying they are worried about money. Next is Plymouth, with 78 per cent of locals reporting financial worries, followed by Leeds (74 per cent) and Norwich (71 per cent).
The UK city where families are least worried about money is Bristol. However, Bristolians are not free from financial worry. 61 per cent of residents are worried about their finances, and 21 per cent report being very worried.
Share