The strain of the cost of living crisis combined with ongoing wider economic problems has forced Brits to change both their spending and savings habits in order to remain financially stable.

According to the latest survey from St James’s Place, 18 per cent of 8,000 respondents have had to dip into their savings, while 41 per cent cut back on spending, in order to afford every day costs and other essential payments, such as rent and bills.

Over 10 per cent of Brits also opted to take on debt to cover expenses, while one in ten delayed or cancelled a major decision, such as buying a home, in a bid to have enough money to get by.

Others chose to bump up their savings, with 23 per cent pooling spare funds either into their cash savings or investment portfolios, while a fifth put more into e

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