Two-thirds Brits are concerned about whether they can afford payments on their home

Proprietary research reveals how negatively Brits feel towards the government and the current economic environment.

62% of Brits worry about whether they will be able to afford their monthly payments on their rent or mortgage, according to new QuMind research.  

A further three-quarters worry about whether they will be able to afford their monthly payments on their utilities (78%) or afford to make essential purchases (72%), like food and transport. 80% of Brits also worry about their overall spending against their household income. 

The hospitality industry will be significantly impacted by Brits’ attempts to manage the rising costs associated with the cost-of-living crisis. The top three things Brits plan to cut back on over the next six months are: 

·       Eating out (53%) 

·       Going out for drinks (39%) 

·       Going out to events (34%) 

While the most common ways they are looking to make savings at home, include: 

·       Turning off lights and appliances when not in use (62%) 

·       Not using their central heating (50%) 

·       Buying more store own-label or value brands (43%) 

·       Buying more deals and discounted items (43%) 

Brits feeling overwhelmingly negative 

The sacrifices Brits are having to make in response to the cost-of-living crisis is having a significant impact on how the nation is feeling, according to QuMind Sentiment Index (QSI).   

The proprietary analysis approach takes a monthly temperature check of how Brits are feeling about the current economic and political situation in the UK. It not only measures the sentiment, but the intensity to which respondents are feeling it. The scale runs from “-100” for high-intensity negative responses through to “+100” for high-intensity positive. 

The QuMind Sentiment Index (QSI) reveals that Brits currently feel very negative towards: 

·       The overall running of the government (-56) 

·       The current economic environment (-48) 

·       Their household financial position (-35) 

Mark Ursell, CEO at QuMind comments: “Our QuMind Sentiment Index (QSI) captures the full emotions that the British public are feeling, and it is worrying to see just how negatively the nation feels towards the current economic and political situation. Across the country, individuals are making sacrifices to help themselves economise as they worry about their ability to pay for their homes and keep warm. It is important that we recognise this emotion, and for those in the political and business communities to think about what more we can do to allay their concerns for the months ahead.” 

Methodology 

This research was conducted by QuMind across October 2022. It surveyed a nationally representative sample of 1,001 consumers across the UK.