The well-being of Britons is at a 10-year low with the rising cost of living found to be the most pressing issue for more than a third of adults, a survey has revealed.
The LifeSearch Health, Wealth and Happiness Index, compiled by the Centre for Economics and Business Research, found that despite starting to recover in 2021, the individual “wealth” score fell eight per cent during the first three months of 2022.
It added 72 per cent of Britons are expected to be worse off by an average of £3,020 a year – equivalent to £252 per month – in 2022.
Despite saving more and taking on less debt, people from ethnic minority groups felt financially worse off than the population as a whole.
One in four had saved money, worth £276 a month, totalling £4bn a month, but this was down from 39 per cent last July.
The report added the rising cost of living had been the most detrimental factor to mental health in the last two years.
The report also showed 5.8 million Britons (11 per cent) have also taken out new debts in the form of credit cards and loans, although this was down from 14 per cent in July 2021.