UK households are seeing the sharpest fall in the amount of cash available to spend, stated a recent report as high inflation and rising energy bills continue to drive the living cost in the country.
According to a report by the insurer Scottish Widows, increasing living costs at the end of last year hit people’s pockets deeply and led to the steepest decline in cash availability since the start of 2014.
Pressure intensified on savings and disposable income in the final months of 2021, with both declining quicker than at any time in over the past seven years, stated the poll of 1,500 individuals, compiled by Ipsos Mori and IHS Markit on behalf of the insurer.
The report also mentions that Britons are increasingly pessimistic about their future finances in 2022.
The findings come as a separate report from the Royal Society for Arts’ findings which states that young adults are among the hardest hit by the cost of living crisis. The findings are based on a survey of 1,000 young adults by the thinktank, where researchers found almost half (47 per cent) were unable or just about managing to make ends meet each month, or had an income that varied significantly from paycheck to paycheck.
RSA’s study also found that just 41 per cent of young people believed others like them would ever be able to buy their own home, and only 51 per cent thought they would ever earn enough to support a family.
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