'Mortgage and credit card repayment' fears for UK households amid ongoing cost of living crisis

New research from Compare the Market discovered that almost half of homes in the UK are feeling less confident about their personal finances than this time last year

The cost of living crisis is continuing to hit British people's finances.

New data from Compare the Market has found 27% have reduced the amount of money they save each month. Meanwhile while a similar number, 26%, are unable to put away any money from their monthly payslips.

It also revealed 13% fear they won't be able to meet their mortgage repayments over the coming months and the same amount are not confident they will be able to make credit card repayments.
Nearly half of UK households, 46%, feel more pessimistic about their finances in comparison to this time last year, according to Compare the Market’s research.

Due to the higher cost of living, 26% do not feel confident in being able to manage their household bills in the coming weeks, with many people cutting back on non-essential expenses. It found 49% of people had cut back on eating out, 41% were buying fewer clothes and 37% were not going on holiday.

Guy Anker, money expert at Compare the Market, said: "Staying on top of your finances could also involve making some difficult spending decisions, so it is important to create a budget and prioritise what is most important to you in case you need to cut back."

Elsewhere, in an attempt to save money the packed lunch has made a comeback among workers. A new poll has found 48% of us are bringing in our own midday meals instead of buying one from a shop.

The survey found 49% of those who do pack their own lunch are doing it to be more frugal - and are putting away around £80 a month on average. Cutting back on cafe-bought coffees and hot drinks was also a common way of saving, as was avoiding treats such as pastries, take-out wraps and burgers from nearby shops.

The most popular sandwiches to bring in from home are egg salad, with a third choosing this, followed by ham salad and chicken mayonnaise. And when it comes to the right crisps to accompany them, working Britons are snubbing modern flavours for a classic cheese and onion, followed by ready salted and salt and vinegar to pop in their lunch box.

Mark Williams, of British Lion Eggs, said: “This research indicates a real resurgence in the classic packed lunch for Brits working from the office, with saving money and eating healthily high on the agenda for people, especially after the summer holidays."