LV= Wealth and Wellbeing Research Programme, edition 17

Financially supporting others

From help with day-to-day costs to buying a house, UK adults have supported their family members financially more in the last six months.

• 11% of people have received help with day-to-day costs in the last six months.
• 1 in 3 working and retired UK adults have helped a family member financially in the past six months.  
• 1 in 4 UK adults have received some form of financial support in the past six months.

Coping with the cost of living

The high cost of living continues to impact people of all ages, with Millennials the most likely to be impacted. Older generations are far more likely to be absorbing increased costs without making changes or feeling the impact. 

• Millennials are the most likely to be struggling with debts and financial commitments in the past three months with 1 in 10 falling behind on utility or debt payments.
• 13m UK adults (25%) that are being impacted by cost of living rises report saving less.
• Over half of Generation X claim they are struggling financially.

Take a look at our cost of living hub for support and advice.

Financial scams

People are losing money to increasingly sophisticated scams. From purchase to trusted organisation scams, criminal schemes are getting harder to spot.

• 20% of 18–34-year-olds have lost between £500 and £1,000 to a financial scam over the last 12 months.  
• In the last year, men are twice as likely to have lost between £500 and £1,000 to a financial scam than women.  
• Around 2 in 5 self-employed workers (38%) have lost money to a scam in the last year.