91% of the UK still struggling to cope with cost of living crisis

New figures have revealed that the overwhelming majority (91%) of people are still grappling with money struggles as a result of the cost of living crisis. This is equal to around 63.1 million people feeling the impact of the ongoing financial squeeze, highlighting its continuing toll on UK households, and that many are in need…

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One in ten consumers say they will reduce their money-saving shopping behaviours

30th September 2024 Arrears and Recoveries | #cost of living

New research released by KPMG has provided insight into whether consumers would reduce some of the buying and saving behaviours that have become more prevalent during the cost of living crisis, if they had more disposable income available to spend. KPMG’s research was keen to explore whether consumers would still continue the same actions, even…

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Millions will struggle with a ‘minimum’ standard of living if state pension age rises

16th September 2024 Arrears and Recoveries | #cost of living

New research by SunLife has found that millions of people could be left struggling to achieve a ‘minimum’ standard of living if the state pension age rises earlier. The research found that 24% of retirees are living on the state pension alone. If the state pension age were to rise to 68 earlier, millions could…

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Cost of living impacting retirement overspending

A fifth of people (20%) over the age of 55 have consistently spent more than they’d expected to during their retirements so far, with an additional 11% expressing that this occurred early on in their retirement, according to new analysis by PensionBee. Daily living expenses emerged as the largest financial burden for retirees, with 28%…

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Warning that cost-of-living crisis is far from over

Debt advice specialist, Money Wellness has warned the cost-of-living crisis is far from over despite the topic falling down news agendas in recent months. The organisation reiterated the warned after referring more than 21,000 people to food banks during the first six months of the year – up from 10,622 in the last half of…

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6.8m people struggling to pay for essentials

New research from the Money Advice Trust, the charity that runs National Debtline and Business Debtline, shows 6.8 million (13 percent) UK adults are struggling to pay for their essential costs, such as rent and council tax. Despite inflation falling to 2 percent, an estimated 11.4 million (21 percent) people say their financial situation is…

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Cost of living concerns lead to delays in starting a family

A new report published today by Royal London,  shows significant increases across housing, energy and food bills, and childcare, since February 2023 meaning the average family with young children have seen their expenses rise by over £1,000 a month, leaving almost a fifth (18%) of parents with no money for unexpected bills or emergencies. The…

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Hard-pressed consumers unable to think about savings until 2025

A report from Scottish Friendly and the Centre for Economics and Business Research (Cebr) has revealed that just over a third of consumers (33.5%) can’t plan beyond a rainy day fund buffer until 2025. The Family Finance Tracker report shows that despite the cost-of-living pressures easing, UK households are still focused on their immediate finances…

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Lending Technology Think Tank 4.1 Review

Credit Connect’s hosted its sixth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by eight leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…

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1.3m households would have been in poverty without cost of living payments

The DWP has published a new report reviewing the cost of living support and it’s impact on households with below average income. The report showed that 1.3 million more people would have been in absolute poverty after housing costs in FYE 2023, a 2 percentage point increase, without the additional cost of living support provided.…

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Average family energy bills have risen by 63% since 2021

Research from Nationwide shows how costs have soared for the typical British family since 2021 – from mortgage or rent payments to food, energy and fuel – with more than one in five households having less than £100 spare each month. Continued high costs have led to more than two-thirds (69%) of family households feeling…

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Nearly three quarters over 50s say cost of living is biggest financial concern

14th December 2023 Consumer Collections | #cost of living

The rising cost of living is the main financial concern for there quarters of people (73%) over 50 according to new research by SunLife, rising to 78% for women. The research found that only 18% of retirees and 9% of non-retirees are free from money worries in 2023. After the rising cost of living, people…

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33% of shoppers plan to haggle this Christmas

A new survey by Purbeck Personal Guarantee has underlined the impact of the cost of living crisis on shopping habits with 33% of shoppers plan to haggle this Christmas. 51% confessed they have haggled for an essential product or service this year. The research suggests that 21% in the survey think it’s fine to haggle…

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