Britons ‘feeling worse off’

Nearly half the UK adult population is feeling poorer financially than they were a year ago, a new study has found.

The Go Compare survey found 49 per cent of consumers feel their financial situation has declined in the past 12 months, the highest proportion of the population since the website started asking the question in August 2010 and seven per cent more than in July this year.

Commenting on this, Go Compare's business development director John Miles said: "Unfortunately it seems to confirm what many of us already know, that more than five years on from the start of the credit crunch UK consumers' finances are still suffering."

Mr Miles suggested that switching could be part of the solution, with 24 per cent having never changed supplier for any of the 20 most common financial products.

Debt consolidation measures such as moving to a lower interest credit card are among ways people could ensure there is less to pay back each month.

Reasons for people feeling worse off may include energy bills, with uSwitch noting that this week sees British Gas customers being hit by the imposition of a six per cent price hike for gas and electricity.

By James Francis