A study has found that more than half of people (53%) now feel poorer than they did five years ago.
Six in ten people (59%) said they expect the new government to prioritise introducing measures to significantly improve their personal financial situation.
According to a survey of 6,000 people across the UK by Compare the Market, two-thirds (67%) of households believe that ways to make driving more affordable should be considered.
Just over two-fifths of drivers (42%) feel they can less afford car insurance compared to five years ago.
To cover the cost of car insurance, some people said they cut back on vacations (27%), eating out (25%) and groceries (18%).
The research was conducted by Censuswide in March, ahead of the general election.
Despite recent falls in energy prices, six in ten (61%) of people surveyed did not feel confident that their energy bills would be lower over the next year.
More than half (54%) of people surveyed believe that reducing mortgage costs should be a priority.
Jay Anker, director of Compare the Market, said: “There is no doubt that the cost of living over the past few years has been incredibly tough for many families across the UK, with more than half of them feeling poorer today than they did five years ago.
“While it is recognised that events beyond any government’s control have added significantly to the difficulty of supporting families financially, it is clear from our research that people want to see the new government do more to make them feel better.
“However, while government action may help, we also encourage everyone to take proactive steps to help manage their finances positively.”
“Comparing products before you buy or renew, as well as setting a budget regularly throughout the year, are two of the best ways to help save money and make the right choices for your specific needs,” Mr. Anker added.