One in five (21%) people questioned believe that their standard of living is likely to decline over the next ten years, this is in comparison to just 14% of people when asked the same question five years ago.
The ‘High Wire Britain' research was commissioned by Scottish Provident and undertaken by market research specialists Ipsos MORI to investigate consumer lifestyles and attitudes.
The research found that worryingly one-fifth of those questioned are not only concerned for the future, but over a quarter of those questioned (26%) thought that the standard of living for the average family in Britain had fallen or stayed the same compared to 25 years ago. This is despite the fact that UK household net wealth has more than doubled in real terms since then.
Interestingly the mood varies greatly among the regions. Those situated in Wales are the most pessimistic about their standard of living improving with just 29% expecting it to improve over the next ten years. Londoners and those in the North East are the most optimistic with half in each region (50% and 51% respectively) expecting their standard of living to improve.
Susan Barclay, head of marketing, Scottish Provident said: "Against a backdrop of economic turmoil it is understandable that people are uncertain about the outlook for their standard of living. What is worrying though is the level of gloom with the majority of people saying they don't see an improvement in their standard of living for at least ten years.
"It is important that where possible, consumers protect their standard of living for themselves and those around them. Whether there are improvements or not, it is vital consumers do not take their existing lifestyle for granted and take out adequate protection."
