Credit card debt warning as 20million Britons 229 a month worse off than 2023 | Personal Finance | Finance [Video]

Caller details her struggles during cost of living crisis

Over two-fifths (41 percent) of UK consumers are worse off financially compared to 12 months ago, new research has found.

This is equivalent to around 21 million people across the UK.

On average consumers are worse off by £229 per month, with women feeling the pinch more (£250 compared to £201 for men), according to research from specialist lender, Bluestone Mortgages.

The research found that families (aged 35-44) and those with adverse credit have been hit the hardest by the ongoing financial pressures, with 47 percent saying they are worse off than 12 months ago.

These groups are worse off by £288 and £267 per month respectively.

On average consumers are worse off by £229 per month (Image: Getty)

Amid ongoing financial pressures, the cost of living crisis is cited as the top financial concern by consumers (83 percent), followed by increased utilities and council taxbills (64 percent) and reduced income …