British households are becoming increasingly worried about rising costs and their financial future, according to a new survey showing consumer confidence has fallen at its fastest rate since 2022. The report found many families are preparing to cut spending as fears grow over inflation, fuel prices and the wider economy.<\/p>\n\n\n\n
New figures from PwC<\/strong> showed UK consumer confidence dropped sharply from -1 in January<\/strong> to -13 in April<\/strong>. It marks the biggest decline since June 2022, when inflation surged following Russia\u2019s invasion of Ukraine and rising global commodity prices.<\/p>\n\n\n\n The survey measured how consumers feel about their finances, spending plans and the wider economy. Researchers found concerns had increased across nearly all age groups, with many households expecting financial pressure to worsen later this year.<\/p>\n\n\n\n According to the survey, almost 90% of consumers<\/strong> said they were worried about the cost of living<\/a>. Around 80%<\/strong> said they plan to reduce spending over the next three months as household budgets come under growing strain.<\/p>\n\n\n\n The number of people planning to drive less to save money on fuel has also doubled since January, rising from 12% to 24%<\/strong>. PwC warned higher energy<\/strong>, food<\/strong> and fuel prices<\/strong> are continuing to damage confidence among consumers already dealing with stretched finances.<\/p>\n\n\n\n Although younger people remain slightly more optimistic than older generations, the report found financial confidence among under-35s<\/strong> has also weakened significantly, reports The Guardian.<\/a><\/p>\n\n\n\n PwC recorded a 20%<\/strong> drop in the number of younger adults who consider themselves financially healthy. At the same time, the number of younger people struggling with bills and financial problems increased by 9%.<\/strong><\/p>\n\n\n\nMost Households Are Worried About Rising Costs<\/h2>\n\n\n\n
Young Adults Are Also Feeling Financial Pressure<\/h2>\n\n\n\n