Half of savers turn to advice and guidance amid cost of living crisis

According to research, some 51% (27 million) of people have sought advice or guidance on ways to manage their rising cost of living.

According to the findings of the latest LV Wealth and Wellbeing Monitor, a greater proportion (57%) of affluent people sought advice or guidance on managing the rising cost of living.

When looking for tips and advice, 27% referred to the MoneySavingExpert website, 19% searched online and “Googled” and 11% read newspapers.

Some 8% used social media, 5% chose to speak to an IFA and a further 5% spoke to Citizen’s Advice.

Affluent people are almost twice as likely as the general population (9% vs. 5%) to talk to a financial advisor about managing the rising cost of living

Managing Director of Welfare, Savings and Retirement at LV, Clive Bolton, said: “The results of the latest LV Wealth and Wellbeing Monitor underscore how the finances of millions of people are being squeezed by the sharp rise of the cost of living.

“The savings, financial outlook and spending indexes are the worst on record since we began surveying consumers during the coronavirus pandemic, and worse than in the dark days of Covid.”

People are taking a range of actions to cope with the rising cost of living, including buying cheaper brands (31%), saving less (30%) and eating fewer meals out or on vacation (27%) .

About 20 percent are drawing on savings and canceling subscriptions (20 percent), while 4 percent have stopped or reduced pension contributions and 3 percent have canceled insurance policies.

Bolton added: “Consumer sentiment improved steadily between spring and early autumn 2021, but the sharp rise in the cost of living has shaken consumer confidence.

“Millions of people say they are struggling financially and living standards are falling across the country.”

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