The research, carried out by B2B International, showed 52% of consumers were anxious about their finances and one in five have only bought essentials in the last month.

Confidence in the economy was low, according to the research, with 72% expecting a recession in 2023.

The figures are based an online survey among a representative sample of 2,000 consumers in the UK carried out between 11th and 18th October 2022.

The research found only 23% were saving enough money each month for the future.

However, 15% of consumers said they would not need to make cuts to spending if energy prices and interest rates remained at their current levels for another year.

One in five respondents were categorised as ‘keeping heads above water’ and were struggling to make ends meet, and were therefore receptive to anything from brands that could ease their financial situation.

A further 22% were deemed ‘anxious debtors’ who were worried about their finances despite having relatively healthy household income, with many often using credit facilities and failing to prioritise savings and investments.

Other segments highlighted in the research including those budgeting to retire ( 11%), the ambitious for the future ( 17%) who were still saving and maintaining their lifestyle, and the ‘comfortable and unaffected’ by the cost-of-living crisis ( 8%).

Those comfortably retired ( 14%) and secure optimists who feel secure and protected from economic uncertainty ( 8%) were also identified in the research.