Household finance measures hit record low for third consecutive month

The cost-of-living crisis has knocked consumer confidence again, according to the latest analysis from YouGov and the Centre for Economics and Business Research (Cebr). As with last month and the month before, there was a modest fall in the overall index (-1.0 ) can be explained by a more severe decline in household finance measures, which…

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Average households expects £100 a month spending deficit on income against expenditure

The average UK household will be short of a £100 a month by 2024, as the cost of living crisis means expenses will outpace incomes. The figures come from a Yorkshire Building Society’s Inflation Nation report and reveal that weekly household spending is set to rise to £705 in just two years’ time. However, the…

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More than one in seven households skipping meals

More than one in seven UK households have cut back on food or skipped meals in the past month according to new research by The Food Foundation. The data has shown a  57% jump in the proportion of households cutting back on food or missing meals altogether in just three months. In April, 7.3 million…

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Borrowing increases as cost of living pressure rises

New data from StepChange Debt Charity shows that the cost of living pressure continues to rise for financially stretched households, as it was the third most commonly cited reason for debt in March, up from the fourth most common in February and the sixth most common in 2021. While 6% of StepChange clients in 2021…

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One in four households finding it difficult to pay bills

The Office for National Statistics (ONS) has published its latest cost of living statistics finding that one in four (23%) adults find it difficult to pay household bills in the last month, compared with a year ago. The research also found that nine in ten (87%) adults reported an increase in their cost of living…

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Average consumer expects to spend £82.80 each month on bills and taxes

A new survey by KPMG has highlighted the impact of the rising cost of living on consumer spending with consumers expected to spend £82.80 more each month on bills and taxes. With the cost of living squeeze tightening, KPMG asked 3000 consumers about their 2022 purchasing and their spending intentions for the rest of the…

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Cost of living crisis starts with cost of doing business crisis as input prices rise at record rate 

Latest ONS updates have highlighted that input price inflation for businesses has surpassed 19% reaching its highest point on record with the consumer prices index also hitting 7%. Commenting on the rise Federation of Small Businesses (FSB) National Chair Martin McTague, said “It’s been decades since we’ve seen input costs surging at this kind of unmanageable rate.” “The discrepancy…

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State pensioners struggling to cope with huge rises in energy and food bills

The new level of state pension payments which has come into effect today will see the full new state pension rise to £185.15 from £179.60 a week. The basic state pension full amount has risen from £137.60 to £141.85 – a rise of 3.1%, compared with a current inflation rate of 6.2%. That’s an extra…

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Households face historic fall in living standards

The latest UK economic outlook from PwC predicts inflation will hit 8.4% later this year. PWC says that the rise in living costs will wipe 2% off household incomes, equivalent to about £900 or as much as £1,300 for the poorest families. If the Ukraine crisis worsens, inflation could peak at 11%. It is predicted…

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Over 1.2m Subscriptions stopped as households feel the squeeze

Over 1.2 million subscription payments have been cancelled since the summer of last year as households feel the squeeze of the cost of living crisis, research from Lloyds Bank shows. Popular TV, film and music streaming services made up almost half (47.1%) of regular payments cancelled, with households taking further stock of their discretionary spending,…

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Times were already hard for many before the latest cost of living crisis

StepChange Debt Charity’s 2021 Statistics Yearbook, has shown that even before the latest rise in general inflation and the rise in the energy price cap, households in the UK experiencing problem debt were already facing a cost of living crisis. In 2021, StepChange was contacted by almost half a million (483,247) new clients seeking debt…

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DWP urged to end ‘sanctions regime’ that’s pushing people into hardship

With social security payments now lagging far behind inflation, researchers at IPPR warn that the cost of living crisis will push many vulnerable benefit claimants into hardship and destitution, without a serious boost to benefit payments and an end to inappropriate conditions and excessively punitive sanctions that limit payments. After a pandemic induced drop-off, new…

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14% of under 24s already have a second job to try and cover cost of living

New research by GoCompare has revealed that the UK’s young people may be the generation are most likely to need to work more and take on additional jobs, in order to cover rising bills and the cost of living. The survey of 2,149 people in the UK found that more than 1 in 5 people…

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