This is despite 61% of people feeling more optimistic about their finances compared to this time last year, the poll for Compare the Market found.
Almost half of people are dipping into their savings – on average three times a month – to cover everyday costs, a survey suggests.
However, when asked how often people are needing to dip into their monthly savings to afford everyday living costs, 45% admit they do so at least once a month and 21% need to at least once a week. In order to mitigate the impact of increasing everyday costs, 42% have cut back on buying clothes and 36% on holidays.In terms of summer travel plans, 41% can afford a holiday in the UK, while only one third are able to head to a European destination – and just 8% can afford to do both.
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