Millions of families say their finances are ‘out of control’ in of living crisis

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Millions of low-income households feel “out of control” about their daily financial health, a study found.

A survey of 1,000 adults with a pre-tax annual household income of less than £16,500 felt powerless to manage their income and debt.

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Britons feel they have lost control of their lives during cost of life crisis

And 32% want them to have more control over their energy use, while others want more control over their monthly bills (46%) and their social schedules (18%).

The combination of the global pandemic, the cost of living crisis and high energy prices has left half feeling that they do not have as much control over their lives as they did two years ago.

At least 66% attributed it to rising energy costs, while six in 10 attributed it to higher food prices.

But technology plays a big role when it comes to feeling a little too much in control, according to two-thirds of those surveyed, with banking apps (53%) named as the top technology families rely on. .

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Smart meters were also a popular piece of technology for 32%, while others relied on instant messaging chats (30%), online to-do lists (29%) and health tracking devices (18%) to top things off. Huh.

And, hypothetically, 28% would feel less in control of their lives with no access to technology.

A spokesperson for Smart Energy GB, which commissioned the survey, said: “It’s a very difficult time for many households right now, but there are some small steps we can all take to strengthen our sense of control.

“Smart meters can be a really helpful tool for providing visibility on energy use and avoiding the uncertainties of estimated bills.

“They are available at no additional cost and the installation process is straightforward, usually taking only two hours on average.”

The study also found that 59% turn to a close circle of friends for help and support in difficult times.

And people in low-income households spend an average of 19 minutes a day chatting with loved ones online.

These conversations give a confidence boost of 48% because they feel more in control of their lives after talking to friends and family.

But 28% had to get credit help to cope with the rising cost of living – although six in 10 feel confused by financial advice.

Top concerns in the low-income community included having enough savings (40%), not being able to climb the property ladder (27%) and not being able to afford hobbies (25%).

However, according to a OnePoll study, 68% believe that saving money is impossible due to the rising cost of everyday items.

Psychotherapist, Zoe Aston, said: “We’re in some tough times right now. Energy prices are still rising and there’s little that any of us feel able to do about it.

“However, there are some small things, like banking apps and smart meters, that can help you feel a little less insecure about your finances right now.

“While technology cannot replace one’s ability to pay bills, there are some tools and equipment that can help us make more informed decisions about our finances or energy use.

“Paying attention to the reality of what is happening and making informed decisions, based on accurate information, from a balanced space means we can approach this difficult time in as healthy a way for each individual as possible.”

Did you know that one third of employees plan to retire early? But worried about the lack of savings?

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