The majority of people are concerned about their finances as inflation - as measured by the Consumer Prices Index - reaches a decade high of 5.1%, research suggests.

In a survey carried out by Opinium on behalf of Aegon UK, 64% of individuals told surveyors they were concerned about the impact of inflation on their finances.

Almost a quarter of respondents (24%) reported they were "very concerned" about inflation challenges, while 70% of those aged 43-56 feared for their financial future.

Rising home energy prices topped the list of worries, especially among those aged over 76, 80% of whom cited it as a top concern - unsurprisingly as many in this age group are on fixed incomes and spend more on heating.

A high number of people also expressed worries about planning for the future, with 37% saying they were anxious about their ability to save.

Steven Cameron, pensions director at Aegon, said:

"Our research shows that a high proportion are concerned about the immediate impact of inflation levels not seen for a decade on the affordability of everyday living, from hikes in gas and electricity costs to the price of essential items such as clothes and food.

"Those on a fixed income face a tricky time ahead, and these include pensioners who will be significantly impacted with a sizable gap between the current 5.1% inflation level and the much lower 3.2% used to calculate next year's state pension increase."

Talk to us about your savings.

Subscribe To Our Newsletter

By submitting your details you agree to receive email marketing from BSG Valentine and have read and understood our Privacy Notice. You can withdraw your consent or change your preferences at any time by emailing us or by clicking the link at the bottom of every email we send you.

You have Successfully Subscribed!