One in eight people are putting off getting the financial help they need despite rising living costs leaving households £249 poorer a month on average, research from Nationwide has indicated.

A study by the society found that more than eight in ten (83%) people are worried about the rising cost of living on their household finances, with 6% saying they are already in serious financial difficulty.

The research, based on a survey of more than 2,000 people, also indicated that despite many already having cut back on costs, more than than seven in ten (71%) feel people they have cut back as far as they can.

However, Nationwide stated that 12% of people, or around one in eight, are avoiding seeking any additional support and are instead relying on their situation naturally improving. This was more true of younger people, who were found to be nearly five times more likely to avoid seeking help, with this the case for 19% of those aged between 16 and 24, compare to 4% for those over the age of 55.

While getting support early for financial difficulties can often resolve the issue sooner, Nationwide also found that when it comes to talking to banks or building societies, half (50%) of people are worrying about the ramifications. These worries include having their credit score impacted (30%), being charged higher rates for credit (27%), prevented from getting credit (26%) as well as having their credit limit cut (21%).

Commenting on the findings, Nationwide director of support, Jasper Davy, said: “While asking for help can seem daunting, doing so early usually results in better longer-term outcomes and can help reduce the stress of financial worries on a household.

“We would encourage anyone worried about the rising cost of living to contact their bank or building society who will be able to help. Our cost of living hotline is a safe place where members can talk to us about their problems so we can find the best way of helping them – already we have helped people with a range of issues and we expect this to increase as we head into the autumn as costs rise further.”

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