Cost of living crisis helping people be more open about money worries, study finds

A survey of 2,000 adults has revealed that 43% are now more likely to seek support if they are struggling financially due to the prolonged period of rising costs. The increase in prices of essentials such as energy and food, coupled with the growing number of people grappling with these costs, has prompted 74% to face their own financial difficulties.

Previously, 29% admitted they would have ignored any financial worries they had. With 42% anxious about paying energy bills, 18% worried about eating out and 12% concerned about buying new clothes.

However, since opening up about their financial struggles, as many as 33% of respondents reported feeling less stressed. Furthermore, 31% felt more in control of their energy spending after speaking to their energy supplier and having a smart meter installed.

The research was commissioned by Smart Energy GB, which teamed up with rugby league stars Jamie Jones-Buchanan, Alex Walmsley and Amy Hardcastle, to encourage people to open up and talk to others - particularly about energy concerns.

Amy Hardcastle commented: "One of my biggest challenges was taking time away from rugby to have my daughter, as I had to work so hard to get back to where I wanted to be. Now I'm a mum to a thirteen-year-old, a head coach and I play for Leeds Rhinos and England, so juggling all that can be difficult."

"Having a smart meter helps me stay in control of my energy bills as I know what I'm spending day-to-day, but this research shows that four in 10 people worry about paying theirs. If you're worried about your energy bills, an important first step is to speak to your energy supplier."

Three in five adults (60%) have ‘a little’ or ‘a lot’ of financial worries, while only 14% of the population have ‘none at all’.

Three in five adults (60%) have 'a little' or 'a lot' of financial worries, while only 14% of the population have 'none at all'. And since the cost of living crisis started in 2021, 40% have dipped into their existing savings to make ends meet, and 22% have sold belongings. While 15% have taken on an additional job to boost their income, according to the OnePoll figures.

The research found 78% of adults are open - at least a little bit - to talking about financial worries with friends. Slightly more (83%) will discuss issues with family, and half would have such a discussion with colleagues.

Meanwhile 58% were at least a little open to having a financial conversation with their energy company, although four in 10 were not familiar with the ways they can help struggling customers.

Phillippa Brown, from Smart Energy GB, added: "It's clear that talking about worries and concerns can be a real relief and helps people overcome challenges. Most people agree it's important to talk to someone if you are worried about your finances."

"Half the respondents to our survey agree that the cost-of-living crisis has helped to break down some of the stigma around financial difficulty, so we've teamed up with Rugby League to encourage anyone worried about an energy bill to talk to their supplier and request a smart meter."

"Along with the in-home display, smart meters help households track how much energy they use and find simple ways to reduce it."