Multi-asset investment specialist Saxo Bank has published the key findings of a survey covering 2,002 UK adults.

The survey, carried out between January 10, 2023 and January 13, 2023, reveals that found people were very negative about their future with just 15% believing they will be in a better financial situation at the end of the year.

Compared to a survey conducted by Saxo in January 2022, 21% believed they would be better off at the end of last year.

The cost of living has left almost a third of Britons with just £100 or less savings, according to the survey, with almost a fifth of people left with nothing.

Saxo noted that inflation continues to soar in the double digits with millions battling with higher costs for food and household bills on a daily basis. The research found 17% of people said they currently have £0 in their savings, rising from 13% when asked how much people had in savings this time last year.

Anaam Raza, of investment platform Saxo, said:

“A combination of rising inflation, higher demand for everyday essentials such as gas as well as tough economic measures taken by the Government and the Bank of England have ended up squeezing the power to spend, and evidently to save, for millions of people across the UK over the past year.

“The results of our survey paint a gloomy picture of the current economic state and with energy prices set to rise again in the UK in April as the Government’s help scheme on the energy cap is reduced, things are likely to become even more challenging- suggesting those that took part in the survey are rightly concerned about the future.

“That said, inflation has dipped 0.2% and last week the country’s GDP measure, which calculates the wealth of the nation, came back surprisingly positive, delaying the news of the UK entering a recession for the time being. These nuggets of good news are a lifeline given s the county’s current situation.”