"We're set for several years of low economic growth and that will mean derisory pay rises for many. It will also be tough for the unemployed to find new jobs," he explains.
With this in mind, saving as much money as possible on home energy bills, perhaps by securing a deal with a cheap dual fuel supplier, may be a priority.
Mr Bowsher also notes unpaid debts as a problem plaguing many people, which could further emphasise the need to have cash at the ready should repayments be required.
The recent Markit/YouGov Household Finance Index found some 30 per cent of UK households suffered a deterioration in finances during August.
Posted by Jim Tidy
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.