New data from the Office for National Statistics has found that almost all adults are facing rising costs, forcing some to borrow money, and leaving many with nothing left to save.
Around 1 in 3 (34%) adults living in the most deprived areas of Great Britain reported it was difficult or very difficult to pay their usual household bills in the last month.
Across all adults, 23% were finding it hard to pay bills, up from 17% last November.
Over 40% of adults were finding energy bills particularly difficult in March (just before the 54% hike in the energy price cap this month).
Tenants are also being hit by rising rents, according to the ONS’s latest research on the rising cost of living.
Here’s the details:
- Around 9 in 10 (87%) adults reported an increase in their cost of living over the previous month in March 2022 (16 to 27 March 2022), an increase of 25 percentage points compared with around 6 in 10 (62%) adults in November 2021.
- Nearly a quarter (23%) of adults reported that it was very difficult or difficult to pay their usual household bills in the last month, compared with a year ago; an increase from 17% in November 2021.
- Focusing on the latest period, among those who pay energy bills, around 4 in 10 (43%) reported that it was very or somewhat difficult to afford their energy bills in March.
- Of adults currently paying off a mortgage and/or loan, or rent, or shared ownership, 30% reported that it was very or somewhat difficult to afford housing costs, and 3% claimed to be behind on rent or mortgage payments. Among all adults, 17% reported borrowing more money or using more credit than they did a year ago.
- Among all adults, 43% reported that they would not be able to save money in the next 12 months; this is the highest this percentage has been since this question was first asked in March 2020.
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