UK adults are increasingly reducing the amount they save and invest as price rises continue to weigh on household finances.
The percentage of people in the UK who either stopped or reduced saving or investing as a result of the high cost of living rose to 44 per cent in January this year, compared with 40 per cent a year ago, according to a survey from the Financial Conduct Authority.
The rate of inflation in the UK peaked at 11.1 per cent in October 2022 but has not yet come down to the Bank of England’s 2 per cent target. Despite wages increasing during this period, the rate of price rises has put fierce pressure on household finances.
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