Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Politics News

Millions of Brits cut back on their spending

by
July 11, 2022
in Politics News
0
Millions of Brits cut back on their spending
0
SHARES
17
VIEWS
Share on FacebookShare on Twitter

One in six households face serious financial difficulties and are cutting back on their spending and energy use, adding 1.6 million people to the total of those suffering from the crisis in the cost of living, according to research.

A financial tracker has found that more people are struggling with their costs than at any point during the pandemic as inflation eats into disposable income and with energy bills set to climb above £2,800 later in the year.

Britons are facing a 2 per cent drop in real disposable income this year, the worst since the 1950s, despite government help with energy and council tax bills.

In a tracker commissioned by abdrn, the investment house, in partnership with the University of Bristol, half of all the 6,000 households surveyed said that their finances were in a worse state than when the pandemic had struck. The figure was at a third in October 2021, and means that approximately 4.4 million people are in financial hardship.

Rising inflation will disproportionately hit low-income families who spend more of their budget on essentials such as food, rent and energy. The most vulnerable parts of the population were said to be single mothers, renting households and families with more than two children, according to the tracker, which has been running since March 2020. Disabled people and those on benefits also reported the most hardship. People in Wales, Scotland and the northeast of England suffered the most.

Household energy costs are due to surge in October after Ofgem, the regulator, raised its price cap to more than £2,800 on the back of record increases in natural gas prices.

Half of households said they were worried they would not be able to pay electricity bills and more than 80 per cent are using less gas and electricity by taking fewer baths and showers, switching the heating off and using the oven less. A fifth of workers in the informal gig economy said they had stopped or reduced their pension contributions.

Sharon Collard, of the University of Bristol, said: “It’s particularly worrying that people are potentially storing up future financial problems for themselves, cancelling insurance or reducing their pension contributions.”


ShareTweetPin

Related Posts

Over 1,000 regional businesses are fending off cyber-attacks with police-led cyber resilience
Politics News

Over 1,000 regional businesses are fending off cyber-attacks with police-led cyber resilience

August 23, 2022
British Airways to cancel further flights up to the end of October
Politics News

British Airways to cancel further flights up to the end of October

August 23, 2022
Microsoft in trademark row with UK children’s reading firm Word Windows
Politics News

Microsoft in trademark row with UK children’s reading firm Word Windows

August 23, 2022
Crypto fraud revenues drop 65% following market meltdown
Politics News

Crypto fraud revenues drop 65% following market meltdown

August 23, 2022
Key UK mortgage rate passes 4% for the first time since 2013
Politics News

Key UK mortgage rate passes 4% for the first time since 2013

August 23, 2022
6m disabled people in UK to get £150 cost of living payment in September
Politics News

6m disabled people in UK to get £150 cost of living payment in September

August 23, 2022
Next Post
Employment levels defy slowing economy

Employment levels defy slowing economy

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Virtual storefronts, messaging to act as bridge between businesses and metaverse

Virtual storefronts, messaging to act as bridge between businesses and metaverse

June 15, 2022
BSP studying 3 key market infra technologies

BSP studying 3 key market infra technologies

June 23, 2022
Former Agri chief returns to department as undersecretary 

Former Agri chief returns to department as undersecretary 

August 15, 2022
Reminders and unwanted legacies

Reminders and unwanted legacies

June 30, 2022
How a Lexus can bring out the best driver in you

How a Lexus can bring out the best driver in you

August 2, 2022
Legislators consider new tax, privatization bills

Legislators consider new tax, privatization bills

July 14, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.