PayPlan, one the largest UK providers of free debt advice, has released the results from its Autumn Income Shock Survey, commissioned to understand the growing impact of inflation on people in financially vulnerable situations.
The results from the survey show the extent to which rising costs are already affecting people across the country. The majority of the individuals surveyed were in work and yet still reported that rising costs would make it harder for them put food on the table and pay bills, a trend that is set to continue with inflation still climbing and Christmas approaching.
Rachel Duffey, Chief Executive of PayPlan, said; “You only have to look at the news to see people will find it harder to cope this Christmas. Inflation is rising and putting pressure on everyday people making ends meet. On top of the increased spending we typically see over the Christmas period this is a real worry.
“The survey shows it’s not just people’s wallets that suffer as a result of increased living costs, it’s their mental wellbeing too. It could be a tough Christmas for a lot of people this year and we know the impacts are always far longer-term.
“We know that the Government have put some support measures in place but these are difficult to navigate, especially for people who are already stressed and worried. We’d really encourage people to reach out for help sooner so they can talk their options through with someone in a simple, straightforward way. The earlier they come to us, the more we’ll be able to support them.”
The Autumn Income Shock survey is designed to help the government and support services understand how changes in living costs are affecting people on the ground, including some of the most financially vulnerable. This year’s results are particularly troubling with increased energy prices driving up the cost of living.