Cost-of-living crisis sparks open chats about money worries as Brits struggle to pay for food
THE cost-of-living crisis has helped to break down some of the stigma around financial difficulty – with millions now feeling more open to discussing money worries with friends and colleagues.
A poll of 2,000 adults revealed 43 per cent are now more likely to reach out for support if they are struggling financially after the prolonged period of rising costs.
The rise in prices of essentials such as energy and food, and the increased number of people struggling with these costs, has encouraged 74 per cent to confront their own troubles.
Previously, 29 per cent say they would have ‘kept their head in the sand’ when it came to any worries they had with their finances.
With 42 per cent worrying about paying energy bills, 18 per cent concerned about eating out and 12 per cent about buying new clothes.
But ever since opening up, it has made as many as 33 per cent of people who have done so feel less stressed.
And 31 per cent have felt more in control of their energy spending since they spoke to their energy supplier and had a smart meter installed.
The research was commissioned by Smart Energy GB, which collaborated with rugby league stars Jamie Jones-Buchanan, Alex Walmsley and Amy Hardcastle to encourage people to open up and talk to others – particularly about energy worries.
Amy Hardcastle said: “One of my biggest challenges was taking time away from rugby to have my daughter, as I had to work so hard to get back to where I wanted to be.
“Now I’m a mum to a thirteen-year-old, a head coach and I play for Leeds Rhinos and England, so juggling all that can be difficult.
“Having a smart meter helps me stay in control of my energy bills as I know what I’m spending day-to-day, but this research shows that four in 10 people worry about paying theirs.
“If you’re worried about your energy bills, an important first step is to speak to your energy supplier.”
Three in five adults (60 per cent) have ‘a little’ or ‘a lot’ of financial worries, while only 14 per cent of the population have ‘none at all’.
And since the cost of living crisis started in 2021, 40 per cent have dipped into their existing savings to make ends meet, and 22 per cent have sold belongings.
While 15 per cent have taken on an additional job to boost their income, according to the OnePoll figures.
The research found 78 per cent of adults are open – at least a little bit – to talking about financial worries with friends.
Slightly more (83 per cent) will discuss issues with family, and half would have such a discussion with colleagues.
Meanwhile 58 per cent were at least a little open to having a financial conversation with their energy company, although four in 10 were not familiar with the ways they can help struggling customers.
Phillippa Brown, from Smart Energy GB, added: “It’s clear that talking about worries and concerns can be a real relief and helps people overcome challenges.
“Most people agree it’s important to talk to someone if you are worried about your finances.
“Half the respondents to our survey agree that the cost-of-living crisis has helped to break down some of the stigma around financial difficulty, so we’ve teamed up with Rugby League to encourage anyone worried about an energy bill to talk to their supplier and request a smart meter.
“Along with the in-home display, smart meters help households track how much energy they use and find simple ways to reduce it.”