There is growing financial anxiety among UK households as the Chancellor prepares to unveil her Autumn Budget, according to Yorkshire Building Society.
New research from the society found 55% of people feel stressed about their finances, up from 45% in 2023. Within this group, 16% report feeling very stressed.
Almost seven in 10 (69%) expect their outgoings to rise over the next six months.
Three quarters (75%) of respondents expect to be impacted by government policies on tax and regulation. One of the biggest concerns is a potential cut to the cash ISA allowance. Almost half of cash ISA holders (48%) say any reduction to the £20,000 allowance would impact them moderately or severely.
Despite a government push to see more people invest their cash savings, 58% of respondents said they would not switch to a stocks and shares ISA if the allowance were cut.
Chris Irwin, director of savings at Yorkshire Building Society, said: “These findings highlight the very real pressures households are facing and the anxiety it is causing. Behind every statistic is someone making tough choices – whether that’s cutting back on or worrying about how to save for the future.
“People are looking for stability and reassurance and the continued uncertainty around ISAs isn’t helping.”
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