cost of living

Benefits need to double in order to match cost of living rises

13th January 2022 Arrears and Recoveries | #cost of living

Benefits will need to be hiked by twice as much as planned this spring in order to protect millions of the poorest in society from the impact of surging inflation according to new analysis by the Insititute of Fiscal Studies (IFS). The analysis shows poorer households tend to spend almost three times as much of…

Rising living costs erode household finances

12th January 2022 Arrears and Recoveries | #cost of living

Households have suffered the sharpest fall in the amount of cash they have available to spend for almost eight years, amid a worsening cost of living crisis driven by high inflation and rising energy bills. Research by Scottish Widows’ Household Finance Index found that surging living costs hit people’s pockets and led to the steepest…

November data already indicates’ worrying’ cost of living trend

5th January 2022 Arrears and Recoveries | #cost of living

The Bank of England data for November showed a significant net increase in borrowing on credit cards, which StepChange Debt Charity warns may be an indicator of increasing underlying financial stress among some households. Credit cards remain the most common type of unsecured debt held by new StepChange clients at the time they take advice.…

More than four in five experiencing increase in living costs

5th January 2022 Arrears and Recoveries | #cost of living

More than four in five (82 per cent) people have seen their living costs such as grocery or energy bills and day-to-day essentials increase in the past few months, according to new research by TSB. The bank’s research, through its money confidence barometer, indicated that as a result of the cost of living rises, nearly…

Half of families £110 a year worse off since 2019

14th December 2021 Arrears and Recoveries | #cost of living

Analysis from the New Economics Foundation (NEF) has found that half of UK families have seen their disposable incomes shrink in the last two years, with the poorest half of the population seeing their incomes squeezed by £110. The report also shows that the richest 5% are £3,300 a year better off. The analysis found…

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