More than a quarter of households earning less than £20,000 worry they will be unable to cope with higher bills, with families in Yorkshire, the south-west and Northern Ireland the least confident about maintaining their lifestyle, according to the latest rebuilding Britain survey of 20,000 people by Legal & General.
Almost half of UK households are concerned about being able to keep up with rent or mortgage payments over the next 12 months as the majority realise they will have to make cuts elsewhere.
The latest evidence of pressure on household budgets emerges amid the looming prospect of inflation hitting 12% this autumn after dearer fuel and food pushed the official measure of the cost of living to a fresh 40-year high of 9.4% in June.
A one-month jump in petrol prices not seen since at least the late 1980s, coupled with across-the-board increases in food staples such as eggs, milk, cheese and vegetables, sent Britain’s annual inflation rate soaring.
Households are bracing for annual energy bills of up to £3,850 next January, three times what they were paying at the start of 2022 after Russia further squeezed Europe's gas supplies.
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