More than four in five (82%) people have seen their living costs such as grocery bills increase in the past few months, a survey has found.
Alongside grocery bills, other living costs which have increased include energy bills and day-to-day essentials.
According to new research conducted by TSB, nearly 23% have dipped into savings, a fifth (19%) revealed they have changed their usual habits and over 36% have cut back on spending on non-essential items.
Out of the 5,000 people surveyed in December 2021, 19% have increased their debts, by taking out new credit, increasing existing credit, or going into their overdraft.
As a result, one in seven people surveyed (13%) said they are struggling, according to TSB’s money confidence barometer.
“It’s clear that many people are concerned about the impact of bills going up and rising inflation,” TSB customer banking director Mark Curran said.
The news comes as The Trade Union Congress (TUC) has called on ministers to “come to their senses” and finally deliver decent sick pay for all, as research revealed the UK has the lowest statutory sick pay in real terms in almost two decades
According to new research by the TUC, the last time statutory sick pay was lower was 19 years ago in March 2003.