Jeremy Hunt talks about mortgage and interest rates
One in four home buyers are worried about the impact of interest rate rises on mortgage repayments compared to one in ten of the general public, according to new research.
The findings make clear that any move by banks and building societies to cut interest rates cannot come soon enough for many struggling to pay for the essentials.
Looking at renters, it found that 51 percent are worried about the rising prices of day-to-day items while 38 percent are concerned about paying energy bills.
The LV= survey of 4,000 UK adults highlights how the personal finances of UK adults continue to be affected by the high cost of living.
The same study found positive news in the form of a slow but steady improvement in the financial resilience of households after wage rises outpaced inflation in recent months.
The index measuring savings also saw an increase, with a 3 percent rise in pension savings since March 2023.
LV= chief executive David Hynam said: "As a mutual, our Wealth and Wellbeing research is important to us. It helps us to understand what is impacting people across the UK and informs the support and services on offer to our customers.
“Although our Wealth and Wellbeing Research Programme shows that fewer people are financially struggling compared to 2023, many are still worried about their finances and what the future holds for them.”
“Despite the nation gradually becoming more financially resilient, our data shows that socialising spend has remained stable as many people are prioritising their everyday living costs.”
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