General Insurance Article - Affordability an issue as cost of living continues to rise


Commenting on the updated cost of living figures from Office for National Statistics (ONS), Sarah Pennells, Consumer Finance Specialist at Royal London says:

 “The cost of living is rising faster than at any time in the last 30 years, causing a real challenge to households up and down the country who are trying to make ends meet.

 “Figures from ONS show that eight out of ten (83%) adults reported an increase in their cost of living in March 2022, compared to six out of ten (62%) adults in November last year. The most common reasons for increased living costs were food shopping (90%), energy bills (79%) and the price at the petrol pumps (71%). Unfortunately, the situation is set to get worse from April as life becomes even more expensive with further energy price rises and the increase in National Insurance contributions kicking in.

 “From our own research* we know household finances are being stretched to such an extent that 95% of UK adults worried about rising costs. The issue is so widespread that people across the earning spectrum are feeling the pinch, with nine in ten people admitting they face difficult choices to try and make their money stretch.

 “Many people are planning changes to their outgoings to pay for cost of living increases, but anyone that feels they’ve run out of options should ask for help from debt advice charities and make sure they claim all the help they are entitled to in the way of state benefits or other government help.”

 *Royal London commissioned a survey by Opinium between 25 February and 1 March 2022 with a sample of 4,001 nationally representative UK adults.

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