You are here: Home - Household Bills - News -

Three in four adults worried about rising cost of living

Written by:
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.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week