A third (33%) of people in London rely on their savings to pay everyday expenses compared to 24% of people across the UK. However, the ongoing cost of living crisis means that the savings pots of many households will have eroded or been emptied completely.
Despite increasing reliance on credit, a fifth (20%) of people in London say their access to credit has worsened since the pandemic - higher than the UK average of 16%. There is also an issue with the credit products that people are able to access with less than a third (29%) of Londoners believing that they offer good value.
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