Four out of five (80%) people worry about money, and it is utility bills (21%), and personal debt (21%) that most concern us, figures from The Co-operative Bank show.
Last winter, all of the major energy companies in the UK hiked their gas and electricity tariffs, blaming the rising cost of wholesale prices.
Rising energy bills have played a large part in keeping inflation at more than double the target level.
Paying the bills every month is proving a challenge for many.
Over a quarter of people who overspend each year (28%) admit to missing bill payments completely, with credit card companies (33%), telephone providers (14%) and electricity companies (10%) being hardest hit.
A third (33%) of those polled who have missed payments have done so for more than one month.
"The fact that 80% of consumers are currently worried about money is a saddening yet unsurprising figure given the current economic climate and increasing cost of living," John Hughes, director of retail banking at the Co-operative Financial Services, said.
"However the research findings also demonstrate some hope, nearly a third are continuing to overspend and this is something that can be addressed to help put money worries to bed. "By taking an organised approach to finances, consumers can plan ahead and avoid financial pitfalls such as missed bill payments that end up leading to additional charges."
However, the research has revealed that Britons are acknowledging the importance of savings with half (50%) currently saving on average £230 into an account every month - a slight rise on average monthly savings last year of £225. It also found that through being thrifty households have managed to save an average of £513 on general living expenses this year mainly by cutting down on non-essential spending.
To aid consumers them with their efforts, people have been given a number of tips to help them cut back on their outgoings.
Find the best savings rates for you - Compare savings accounts
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.