New Study Reveals Over Two-Fifths Of Adults Won’t Be Saving Any Money In The Next 12 Months

Recent ONS data, analysed by Tax Calculation site Income Tax has revealed the financial worries of Brits across the country.

Over 2,000 people of all ages were surveyed from the 12th to the 23rd of October about their finances, savings, bills and cost of living changes.

The results showed that 44% won’t be saving any money in the next 12 months. More men, 45%, won’t be saving money, compared the 43% of women.

The study asked participants if they are finding it easy or difficult to pay their bills. In total, 43% of men and women are finding it either somewhat or extremely difficult to pay their energy bills.

However, more women, 11%, are finding it extremely difficult, compared to 7% of men.

The survey also asked what participants are doing because of the increased living costs. The results showed that more women (41%) are spending less on food and shopping compared to 37% of men.

More women, 15%, are using their credit cards more than usual, compared to 13% of men.

A spokesperson of Income Tax said: “The cost-of-living crisis is affecting millions of people up and down the country. This data shows that many people, both men and women, are worried about their finances over the next 12 months.

“Many of us are also making lifestyle changes to make ends meet, whether that be cutting back on non-essential items, travelling less or even making energy efficient improvements to our homes.”