42% of UK adults continue to see finances deteriorate – new LV= research

22 million British adults saw their finances deteriorate in the three months to September despite signs financial resilience is stabilising, according to new research from investment, protection and retirement specialist LV=.

Findings from the Wealth and Wellbeing Research Programme, a survey of 4,000 UK adults, shows that rising supermarket costs and other bills are preventing people from saving for the future.

The research reveals:

  • Four in ten people continue to report feeling worried about increased food and utility costs
  • Less than half (49%) of the working age population are comfortably able to afford to pay their bills
  • Almost three quarters (72%) of 18 to 34-year-olds currently hold non-mortgage debt

Over a quarter (27%) of parents are intending to spend less on Christmas this year, as continuing financial pressure force families to make difficult choices.

By contrast, two-thirds of retirees report being able to comfortably afford their living costs.

LV’s Wellness Tracker, which measures financial resilience by comparing the number of people who are financially comfortable with those who are struggling, has only improved slightly from an all-time low of +15 in December 2022, to +17 in June.

The latest research is clear evidence that ongoing cost pressures are taking a toll.

LV= Chief Executive David Hynam said:

“Sadly, Christmas is becoming a financially worrying time for many, as increasingly we see people having to cut back on spending to meet the cost of day-to-day essentials. 

“We’re cautiously optimistic things are beginning to improve but rebuilding families’ financial resilience could take a very long time.”

Notes to Editors
*LV= surveyed 4,000 nationally representative UK adults via an online omnibus conducted by Opinium in September 2023
UK population stats from ONS. Total UK adult population is 53.2m UK adults (aged 18+).

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About LV=

LV= is a leading financial mutual and serves over 1.16 million members with a range of financial products. When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We offer our services direct to consumers, as well as through IFAs. 

LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Financial Services Limited (LVFS) and trading styles of the LV= Group of Companies. Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. Registered address: County Gates, Bournemouth, BH1 2NF.