RESEARCH from the Office of National Statistics (ONS) shows that during the past year, rising prices have put increasing pressure on many people living in the UK. 

People who were behind on or struggling with bill payments, or using more credit than usual, had lower well-being and higher anxiety.

As financial pressures rise, some people struggle to keep up with payments, or fall into debt. 

The ONS has explored data from its Opinions and Lifestyle Survey (OPN) and spoken to experts at Citizens Advice and the Money Advice Trust to understand the wider impacts of debt on individuals’ well-being over the recent winter months. 

Half of adults (49 per cent) who reported that they were behind on energy bills between September 14 and January 8, 2023 also reported high levels of anxiety, compared with a third of those who were not behind (33per cent). They were also more likely than those not behind on bills to report low life satisfaction, happiness, and feelings that things done in life are not worthwhile. 

Similar trends were found among adults who reported borrowing more money or using more credit than usual, and those who found it difficult to pay their energy bills, rent, or mortgage. 

A fifth of adults report borrowing more money compared with a year ago and fewer expect to save in 2023.

More than a fifth of adults in the UK (22 per cent, equal to around 11.5 million people) reported borrowing more money or using more credit because of the increased cost of living. This is an increase from 17 per cent.

People’s expectations about their ability to save money has reduced over the year. 

More than four in 10 adults (42 per cent, equal to around 22 million people) said they did not expect to save any money in the next 12 months. 

The percentage of adults reporting that they were borrowing more money or using more credit compared with the year before, did not expect to save any money in the coming year, and were unable to afford an unexpected costs. 

If you are struggling with debt, you can seek advice Citizens Advice at https://www.citizensadvice.org.uk/debt-and-money/, or National Debtline at https://nationaldebtline.org/, or on Freephone 0808 808 4000.