The Family Building Society reported that its Financial Wellbeing Survey showed that more than two-thirds of its members expect the economy to slow, with rising energy costs and taxation among their biggest concerns.
This pessimistic outlook comes from homeowners expecting conditions to weaken over the next six months as energy prices rise and the cost-of-living crisis continues.
Of those questioned, 70% cited the cost of living as the biggest threat to their financial wellbeing.
Concerns about rising energy costs
More than 70% of those surveyed believe the government should intervene to help people meet rising energy costs.
For 45% respondents, direct financial support was the preferred option. Meanwhile, 40% backed extending the current price cap beyond the end of the month.
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The events in the Middle East prompted worry from one member suggesting that it prolonged the effect on everyone’s financial situation.
Alistair Nimmo, director of marketing at The Family Building Society, said: “The cost of living, and the prospect of further rises in energy bills, is hitting households across the UK hard. Our members’ concerns about the economy reflect the mood of many people across the country.”
He added: “Although many respondents are broadly satisfied with their current financial wellbeing, they believe the government should do more to help people manage rising energy costs. They want clear, immediate financial support for households and businesses facing higher bills to help protect the wider economy.”