Thirty- and forty-somethings are in the financial danger zone, said Hargreaves Lansdown, especially after mortgage rate hikes.

The wealth adviser analysed data from the Office for National Statistics Public opinions and social trends, Great Britain report and found that this age group is being hit hardest.

More than eight out of 10 (81%) people in their thirties and forties are worried about the cost of living – compared with 76% overall.

Over half (53%) are worried about higher mortgage rates and 51% are already spending less on food and other essentials.

A significant minority (42%) of those in their thirties and forties admit they couldn’t afford a £850 bill out of the blue and 22% are using credit to manage rising prices.

They are also twice as likely to be behind on energy bills as the overall adult population.

Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said: “People in their thirties and forties are barely hanging on by their fingertips. Assaulted on all sides by the cost of living crisis and the pressures of the squeezed middle years, their finances are being forced over the edge. They’re more likely to worry about rising costs, be cutting back in a desperate effort to make ends meet, and still to be falling short. Meanwhile, the threat of mortgage rates leaves more than half of them in a cold sweat.

“Of those with a mortgage, they’re more likely than any other age group to have a fixed rate (82% compared to 70% overall). However, they’re also more likely to be worried about rising rates: 53% of them are concerned compared to 48% overall.

“This may well be because plenty of them have bought relatively recently. They may have snapped up a first home, or traded up after having a family, and bought at a time when property prices were sky high. Those who bought during the rush of the past few years may be sitting on an incredibly low mortgage rate, so they’re eying today’s higher rates with mounting dread.”