The survey, by Public Health Wales, found that 37 per cent of people agreed that they are ‘only just managing’, while a further 11 per cent were ‘not managing’ to make ends meet.
A previous survey in January 2022 showed 60 per cent of people were ‘not at all’ worried about their finances.
The latest survey provided a stark contrast with the figure more than halving to just 27 per cent of people.
In addition, 26 per cent of people reported that they were worrying ‘a lot’ about their finances – an increase from 15 percent in January 2022.
Of the 2,000 people that completed the first ‘Time to Talk Public Health’ survey between November 7, and January 8, nearly two in five – some 38 per cent – reported they were worrying ‘a lot’ about the cost of living.
One in three – 34 per cent – strongly agreed that they were cutting back on non-essential spending due to the cost of living, and one in four – 25 per cent – strongly agreed that rising costs of living are reducing their quality of life.
Other key findings included 92 per cent of people agreeing they keep a close eye on their finances, and 60 per cent agreeing that the rising costs of living are reducing their quality of life.
A total of 74 per cent of people agreed that many people they know are struggling to cover their cost of living, while 78 per cent of people agreed they were cutting back their spending on non-essentials and luxuries to help with rising costs of living.
The findings also show that 87 per cent of people agreed that they have worried about the cost of living in the last week, and 68 per cent are worried about the ability to heat their home.
Dr Catherine Sharp, Public Health Researcher at Public Health Wales, said: "Findings suggest a substantial proportion of people in Wales are struggling to make ends meet, yet an even greater proportion are worrying about their finances.
“Many respondents said that their households would benefit from more information this winter on issues such as improving energy efficiency at home, improving mental health and well-being, connecting with people in the community, eating healthily on a budget and managing finances. We have gathered together a wealth of resources to help people access this support on: Staying well during the Cost of Living Crisis – Public Health Wales (nhs.wales)."