A new survey indicates 49 per cent of British consumers are concerned about facing financial problems over the next year.
The figures from GoCompare.com said nearly half of those questioned were “concerned” or “very concerned” about money and debt.
For 60 per cent of respondents, reducing credit card debt, loan costs and general outgoings was the biggest financial priority over the next 12 months.
The next highest priority was saving money, with 19 per cent of consumers dedicating their financial attention to savings accounts.
According to the study, those aged between 16 and 24 were feeling the pinch the most, with almost 65 per cent claiming to be “concerned” or “very concerned”. In comparison, 39 per cent of the 55s felt the same way.
Chief executive of Gocompare.com, Hayley Parsons, said: “This research shows just how worried UK consumers are about rising prices and their personal finances.”
Ms Parsons recommended beating the credit crunch by saving money “wherever you can”.
In related news, uSwitch has commented that a predicted 60 per cent rise in gas prices will leave 6.9 million in fuel poverty.
By Morwenna Kearns