A third of people feel financially worse off than a year ago, survey finds

manchestereveningnews.co.uk:

A third (34%) of individuals surveyed in September reported being financially worse off than they were 12 months ago. Just over a quarter (27%) have seen an improvement in their financial position in the last 12 months, while two-fifths (39%) said their financial situation remained steady, according to the Pensions and Lifetime Savings Association (PLSA).

The proportion of people reporting being financially worse off than a year ago has eased, from 44% in 2023, according to the research.

However, a significant proportion of households are still needing to make cutbacks, with two-fifths (41%) feeling the pinch, edging down from nearly half (48%) last year. READ MORE: 'I've made £5,000 from my side hustle - and do most of the work watching TV' The most common areas for reductions in spending included dining out, takeaways and leisure activities, the survey of more than 2,000 people found.

Despite reductions in many areas of everyday spending, payments into pensions were the area least likely to have been cut, the research indicated.