A THIRD of Britons are worried about their financial futures, according to research by debt management company Lowell, but an Age UK survey says this rises to a worrying 75 per cent among the over-65s.
The six biggest concerns are:
1 The rising cost of living
Inflation is at its highest level for 30 years, having risen to 5.4 per cent in the 12 months to December 2021. In February the Bank of England predicted it could reach 7.25 per cent this month. This has been driven by increases in the cost of clothes, food, furniture, eating out, and spiralling energy bills, which are rising again this month when a 54 per cent hike in the energy price ‘cap’ kicks in.
It is estimated that around 22 million households on standard variable tariffs will see their energy bills typically rise by around £700 a year to almost £2000.
The cost of broadband and TV, public transport and rail travel are all expected to rise this year too, further squeezing household budgets.
To add insult to injury, unless the government has a last-minute change of
