News.

The cost of living crisis shows no signs of abating, piling pressure on every type of household after inflation rose by 9.4% in the 12 months to June 2022.

A survey of 2,000 UK adults was conducted by WEALTH at work, a leading financial wellbeing and retirement specialist.

Over two fifths (42%) of UK adults say the increase in the cost of living has meant that they have reduced or stopped any regular savings.

A fifth (21%) of individuals have experienced someone trying to scam them out of their money, savings or investments.

Nearly half of UK adults (47%) say that financial worries impact their life and more than a quarter (26%) say that it makes them feel depressed and anxious, rising to more than a third (35%) of 35-54 year olds.

Cryptocurrencies are rapidly gaining popularity amongst investors due to being advertised as ‘get rich quick’ investments.

WEALTH at work has conducted a survey with the Pensions Management Institute to investigate the concerns pension Trustees (the people responsible for ensuring that a pension scheme is run properly) have have for their scheme members in the run up to their retirement and what support provisions they have in place.

Many employers now offer their workforce financial wellbeing support including financial education workshops, one-to-one guidance or coaching and digital tools and helplines, to help them understand the key financial issues affecting them.

WEALTH at work’s latest poll has found that 95% of respondents believe that it is becoming increasingly important to provide financial education and guidance to employees who are approaching retirement.

Rising inflation, increased bills and energy costs, and interest rate rises are all putting pressure on household finances.