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Three in four adults worried about rising cost of living

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10/06/2022
Three in four UK adults reported feeling very or somewhat worried about the rising cost of living, a survey has revealed.

A greater proportion of women (81%) than men (73%) were concerned, according to the Office for National Statistics.

It also found those aged 30-49 are very or somewhat concerned about the spiralling costs (82%), a higher figure than those aged 50-69 (77%) and those aged 70 and over (70%).

The snapshot data for April and May also revealed 82% of disabled people are worried, compared with 75% of non-disabled people.

Meanwhile 90% of parents with pre-school aged children feel concerned, up on the 76% of non-parents or parents not living with a dependant child.

Based on income, those with an income of less than £10,000 a year had the highest percentage feeling very worried (31%), whereas those with a gross income of £50,000 or more had the lowest percentage of feeling concerned about the rising prices (12%).

For the 68% of adults who said their costs of living had increased and they were worried, they were found to have cut back on non-essentials.

More than half of the adults who expressed some degree of worry about the rising costs of living (54%) felt those worries nearly every day.

The statistics also revealed that unemployed adults (36%) were more likely to be very worried compared with retired adults (18%).

And 85% of renters vs 78% of those who own property are more anxious about the current environment.

‘Households under increasing strain’

Alice Haine, personal finance analyst at investment platform Bestinvest, said: “When people struggle financially, anxiety levels can soar with each missed bill payment or unexpected payment only adding to the strain. In turn, when someone’s mental health is poor, finding a solution to money troubles can feel overwhelming with decision-making and concentration impacted by a sufferer’s mood at the time.

“With the situation likely to worsen as inflation – which hit 9% in April and is set to escalate to 10% or more in the fourth quarter when the price cap on energy set by Ofgem goes up to £2,800 a year in October – households may find themselves under increasing strain.

“The fear is that these difficult decisions will only multiply when the impact from higher energy bills finally hits home later this year. Warmer temperatures in the summer months mean households don’t currently need to heat their homes, so the real blow will come in the winter months just in time for the next energy price rise.”

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