Nearly one in four people ‘describe finances as uncomfortable’

Nearly a quarter (23%) of people describe their finances as uncomfortable and a third (32%) do not feel confident about the next six months, according to research for a bank.

Just over two fifths (42%) of those surveyed expect to spend more in the next six months, with utility bills being the biggest expected outgoing, followed by groceries and holidays, the TSB said.

Over three fifths (61%) of people surveyed have a subscription, spending £61 on average.

More than a third (34%) said they had overspent on subscriptions, while one in six (17%) said they had never reviewed or cancelled one.

More than half (56%) of those surveyed do not have a budget in place.

A similar proportion (57%) said they talk openly about their finances with family and friends.

One in seven (14%) people said they never check alternative energy, broadband or utility rates to see if they can get a better deal.

Nearly two fifths (38%) of bill payers said they have never switched a utility to a more competitive option, according to the survey of 2,000 people across the UK in April, carried out by Censuswide.

Keely Newman, head of customer outcomes and vulnerability at the TSB, said: “There are steps people can take that really add up to their family finances – such as monitoring your account for unused subscriptions, and shopping around for the best utility deal. And for struggling households – do talk to your bank to hear the support measures that are out there.”

People who are struggling with their finances may also benefit from contacting a debt help charity; visiting gov.uk to make sure they are receiving any benefits they are entitled to; using online calculators; and checking their credit score and seeing whether they could take steps to improve it.