More than a quarter of households don’t expect to save any money over the next year, according to Leeds Credit Union

More than a quarter of households in Leeds don’t expect to save any money over the next year, according to a new survey from the city’s credit union.

Leeds Credit Union said the results outline the financial pressures facing households, following the accumulated impact of Brexit, the COVID-19 pandemic and the ongoing cost of living crisis.

Of the 2,111 respondents, 28% said they didn’t expect to save any money between now and April 2023, with 43% expecting to save less than they had over the previous 12 months.

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Forty one per cent of respondents said their financial situation had worsened over the last 12 months, with 13% describing their situation as being much worse.

Leeds Credit Union said the results outline the financial pressures facing households, following the accumulated impact of Brexit, the COVID-19 pandemic and the ongoing cost of living crisis.

A spokesman added: “In a further blow to consumer confidence, the survey also revealed that LCU’s members have a pessimistic outlook about their finances over the coming year, with almost half (47%) expecting the economic situation of their household to worsen and 15% concerned it will get ‘much worse’. Less than one in three (27%) expect their circumstances to improve.”

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Stephen Porter, Head of Member Experience at LCU, said: “While the results aren’t surprising given the ongoing cost of living crisis, they are deeply worrying.

“The fact that 28% of respondents said they don’t expect to save a single penny over the next 12 months is heartbreaking. As a credit union, we know only too well the impact that money worries and a lack of financial resilience can have on people and their mental health. Frankly, it is unconscionable that so many people find themselves in this position in the UK in 2022.

“The fact that many ordinary households are simply planning to stop spending in order to mitigate skyrocketing prices is a huge cause for concern too as it is likely to see any economic growth struggle to gain momentum.

Mr Porter added: “However, when it comes to financial hardship, our message to local communities is simple: we are here to help.”

Leeds Credit Union is a financial cooperative with 37,000 memberss. Its services are available to anyone who lives or works in Leeds, Wakefield, Harrogate or Craven, residents of certain housing associations and employees of a number of additional select employers.