Over half of Brits are worried about their finances, with many forced to axe spending due to the cost-of-living crisis, according to new research from Lyfeguard, a leading life management and FinTech platform.

A staggering 85 per cent of consumers have been forced to slash spending as a result, with eating out and takeaways the first to be cut by over 50 per cent of Brits.  Socialising has also taken a large hit with 39 per cent cutting back on spending to go out and see friends and family.

The findings come following a survey of 2,000 Brits, polled via independent polling agency Censuswide, to discover key pain points that consumers face when managing finances and crucial life documents.

Amid rising costs, the energy crisis and shortages, Brits are being kept up at night and feel forced to keep a closer eye on their finances as they look to cut back spending.

Three in five women revealed they held concerns about their finances as well as 62 per cent of people aged between 25 and 54 years-old, who pre-dominantly manage household bills and families. 

Recurring bills and subscriptions present a common issue with almost a third (31 per cent) of people losing track of recurring payments and over a quarter of people (26 per cent) having been rolled onto a significantly more expensive out-of-contract rate. As part of this, over two in five (42 per cent) consumers admitted to struggling to remember when their basic utilities such as insurance expires.

Fraser Stewart, Chief Commercial Officer of Lyfeguard said: “Managing finances is a stressful part of our daily lives and when the cost-of-living crisis hit these concerns spiralled. To alleviate these stresses, people need to be granted easy access and visibility to know how much they are spending and how they can keep track of their finances, avoiding burdens such as recurring payments and unwanted contract renewals.”

The research also found that over half (51 per cent) of people under the age of 45 have admitted that greater financial literacy would help them to manage their finances better, pointing to a lack of educational resources in this area.

“Financial literacy is one of the greatest knowledge areas we can have, but many struggle to know where to start when managing their money. This is a key driver behind Lyfeguard, empowering people to take control of their finances knowing they are in control.”   

"It is also important for financial institutions to do more to provide people with the capabilities to manage important financial information and help keep track of the likes of bills and utilities, as well as educating them on financial topics” Stewart continued.

Lyfeguard was founded by father-son team Gary and Fraser Stewart to revolutionise financial management and life planning to help people keep on top of their important documents, bills and life matters, as well as address a lack of planning for end-of-life.