Some are putting off buying a home, getting married, starting a family and retiring due to runaway inflation.

Some 23m describe their financial situation as “struggling” – 7m more than 12 months earlier and 21m adults say they are worried about money, according to the study for the LV= Wealth and Wellbeing Research Programme.

The LV= research is a quarterly survey of 4,000 UK adults. It highlights how millions are struggling with heating bills and have needed mental health support in the past 12 months.

Money worries are leading to consumers switching to cheaper brands, taking fewer holidays, cancelling subscriptions and taking on extra debt.

Women (49%) are more likely than men (35%) to say they are struggling while those aged 35-54 are the age group most likely to be finding things tough.

Among the key changes caused by the cost of living crisis are:

• 31% (16m) are saving less
• 22% (12m) are dipping into their savings
• 17% (9m) are cancelling subscriptions
• 7% (4m) are taking extra jobs/doing overtime
• 6% (3m) are borrowing on credit cards and taking additional loans 

Some 40% (21m) of UK adults say they are worried about money, compared to 29% (15m) 12 months ago.

Nearly half of UK adults (46%/25m) say they are stressed or anxious – higher than 12 months earlier (43%/23m). Rising numbers have sought face-to-face mental health support with 9% (5m) seeking support compared to 7% (4m) a year earlier.

Rising energy bills are a worry for UK consumers (53%), particularly for those with household incomes below £25,000 (63%). Some 15% (8m) of adults say they are struggling to pay for food compared to 8% (4m) six months previously.

Clive Bolton, managing director of protection, savings & retirement, said: “Our latest quarterly survey shows that the rise in the cost of living is taking its toll on finances of millions of people. Every quarter over the past year we have seen an increase in the number of people who are struggling financially and many are feeling stressed and anxious.

“The huge rise in the cost of living is a huge worry for millions of people and our research shows many are dipping into savings and taking on extra debt to make ends meet. It’s also affecting people in other areas of their lives and many are now more reluctant to make major life decisions such as buying a first home or starting a family.”