Over 21 million people expect their financial position to worsen this year

^{27 January 2025}

New Censuswide polling from StepChange Debt Charity finds that just over two in five (41%) GB adults – equivalent to 21.3 million people – expect their financial situation to worsen over the next 12 months. The findings show that meeting the cost of living and higher energy bills this month is a major factor driving this sentiment.

The new research also reveals:

• Almost three in five (59%) of those expecting their finances to get worse say it's due to higher energy bills from January
• Around one in six (17%) GB adults say that they always worry about money, while a further 59% say they often or sometimes worry about money.
• Of those worrying about money, more than one in two (53%) people are worrying more now than they did one year ago.

While these financial concerns are widespread, certain groups are more affected than others. Over two in five parents of children (42%) anticipate that their financial situation will worsen in the coming year, with over half (54%) of them saying they worry more about money now than they did a year ago. Women, in particular, are more likely to feel the financial strain as over one in two (58%) report worrying more about money than they did a year ago, compared to just under half (48%) of men.

Meanwhile, StepChange Debt Charity has revealed almost 4,000 people visited its website looking for debt advice on Christmas day alone.

Vikki Brownridge, CEO at StepChange Debt Charity, said:

"It's clear that millions of people across the UK are feeling the weight of financial uncertainty. The cost of living, including stubbornly high energy bills, continues to impact families, individuals, and communities, with particular strain being felt by women and those with parental responsibilities. What's concerning, is how many are facing worries about their finances going into 2025, even more so than this time last year. These challenges are not temporary. They reflect the long-term financial pressures many are facing and without the right support, it's only going to get harder for people to manage their finances."

"We know that debt is often a consequence of these mounting pressures, and for many, seeking help as early as possible can make a significant difference. If you are struggling, speak to your creditors who have a responsibility to support those in difficulty. And if you need specialist debt advice, StepChange is on hand to offer practical support for those who are struggling, with advice on managing debt and budgeting, so people can regain control of their finances in 2025."

StepChange has shared its top three tips for people worried about debt this new year:

1. Now is a great time to create a detailed monthly budget, which will allow you to take account of costs that may come later in the year like Christmas. Make a note of all of your income and expenditure, which will allow you to see how much you have leftover to repay debts and make savings. StepChange has budget templates on its website to help get started.
2. Once your budget is complete you might be able to identify some areas for saving. Are there any subscriptions that you're not using you could cancel? Could you switch to a cheaper supermarket for your food shop? Now would also be a good time to check that you're getting all the benefits you're entitled to. StepChange has a handy benefits calculator on its website.
3. If after creating your budget and identifying any areas for saving or benefit entitlements, you're still struggling to clear debt, don't panic - free, confidential debt advice is available 24/7 using StepChange's online debt advice service at www.stepchange.org