LV=’s latest Wealth and Wellbeing Research Programme, a quarterly survey of 4,000 UK adults, has revealed that 23m (42%) of adults say they are struggling financially.

A large number of respondents say that in the past three months they have seen an increase in their total monthly outgoings (69%/37m) and supermarket spend (68%/36m).

However, some figures have stabilised or improved slightly over the previous three months.

Some 10% (6m) of UK adults say they expect their finances to improve over the next three months – an improvement on the previous quarter when 8% (4m) said this. The proportion of people who think their finances will worsen over the next three months has fallen from 57% (30m) to 46% (25m).

Clive Bolton, managing director of protection, savings and retirement at LV=, said: “The LV= Wealth and Wellbeing Research Programme has highlighted how millions of people have been squeezed financially over the past 12 months as rising energy bills, interest rates and inflation reduce their spending power.

“Millions of people remain gloomy about their finances and are struggling to make ends meet. However, after 12 months of steady deterioration, several of the indices we track have stabilised or improved compared to the previous quarter.

“For example, this is the first time that our two key indices – measuring financial outlook over the next three months and finances over the previous three months – have begun to improve since autumn 2021.

“It’s too early to say if this is the start of a long-term improvement in people’s finances but if the cost of living and inflation begin to ease, people could begin to feel more optimistic about their finances.”