British households saw their financial wellbeing fall at the fastest rate since the onset of the pandemic in Q4 2021 according to the Scottish Widows Household Finance Index1, which demonstrated the impact of the cost-of-living crisis on people’s perceptions of their financial wellbeing.
The strain on household finances is clearly impacting people’s ability to save for the future. The Index showed that one in five UK households are currently saving nothing for the future and that 22% are saving less for retirement compared with the same period last year.
Emma Watkins, Managing Director of Retirement and Longstanding at Scottish Widows commented, “It was a challenging end to another year dominated by the coronavirus pandemic for UK households as rising living costs pinched the pockets of people in the fourth quarter, causing finances to deteriorate at the fastest rate since Q2 2020. With inflation soaring into the new year and cash availability at its lowest since 2014, households’ expectations of future financial wellbeing were the most downbeat since the third quarter of 2020.”
If you’re feeling a squeeze on your finances, we want to reassure you that we’re here for you. With your mortgage likely to be one of your major household expenses, maybe now’s a good time to review it and consider your options; we’re here to help.
🚨Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
🚨 Data accurate as of the date of publication – 14.06.2022.
🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.
Source: Quilter Financial Planning – Essentially Mortgages Q2 2022
1Scottish Widows, 2022
