New Public Health Wales survey reveals financial struggles with 37% of Welsh residents “only just managing”

A new survey by Public Health Wales has revealed a stark increase in financial worries among Welsh residents, with 37 per cent reporting they are “only just managing” and a further 11 per cent “not managing” to make ends meet.

This marks a significant change from a survey conducted in January 2022, in which 60 per cent of people reported they were “not at all” worried about their finances.

The latest survey, which was completed by 2,000 participants between November 2022 and January 2023, also found that 26 per cent of people were worrying “a lot” about their finances, an increase from 15 per cent in January 2022.

Additionally, nearly two in five (38 per cent) reported they were worrying “a lot” about the cost of living, and one in three (34 per cent) strongly agreed that they were cutting back on non-essential spending.

Other key findings from the survey include: 92 per cent of people agreed they keep a close eye on their finances, 60 per cent agreed that the rising costs of living are reducing their quality of life, 74 per cent agreed that many people they know are struggling to cover the cost of living, and 78 per cent agreed they were cutting back on non-essential spending.

Dr Catherine Sharp, Public Health Researcher at Public Health Wales, said:

“The Time to Talk Public Health panel has been created to enable residents of Wales to have a voice in policy and practice that affects them, their communities, and their nation. At Public Health Wales, we see the people of Wales as a key partner in our decision making.”

“Insight from the panel suggests that the financial uncertainty driven by rising costs of living is causing people to worry more about money than they have in the past. Findings suggest a substantial proportion of people in Wales are struggling to make ends meet, yet an even greater proportion are worrying about their finances.”

“Many respondents said that their households would benefit from more information this winter on issues such as improving energy efficiency at home, improving mental health and well-being, connecting with people in the community, eating healthily on a budget and managing finances. We have gathered together a wealth of resources to help people access this support on: Staying well during the Cost of Living Crisis” .

Time to Talk Public Health is a new nationally representative panel of Welsh residents established by Public Health Wales to enable regular public engagement to inform public health policy and practice.

All survey resy=ults can be found here: https://phw.nhs.wales/topics/staying-well-during-the-cost-of-living-crisis/