"New research has revealed that 88% of the UK is struggling to cope with high living costs - equal to an estimated 48 million people nationwide. Of those in the survey, over two in five (45%) indicated that the country's high living costs are impacting them even more than last year, showing that things have been getting worse rather than better for most households' finances."
"Just over a third (37%) indicated that they're struggling to meet essential costs (rent, mortgage, utilities), with around a quarter (24%) having difficulties paying utility bills. One in 10 said they are facing challenges with rental fees, while 5% are struggling with mortgage repayments. As a result, just over two thirds (67%) said that they have had to cancel or reduce some of their regular payments."
Eighty-eight percent of the UK population, roughly 48 million people, report struggling with high living costs. Forty-five percent say impacts are worse than last year, 36% say effects are similar, and 10% feel unaffected. Thirty-seven percent struggle to meet essential costs, 24% face difficulties paying utility bills, 10% report rental challenges, and 5% have mortgage repayment problems. Sixty-seven percent have canceled or reduced regular payments; 32% cut or paused savings and 9% reduced pension contributions. Thirty percent cut streaming subscriptions and 20% reduced internet, TV, or phone spending. Households earning £25,000 or less report especially severe impacts.
Read at London Business News | Londonlovesbusiness.com
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