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March 2022 - Financial Services

27% of people in UK struggling financially as a result of rising cost of living: A survey has revealed that as the UK feels the impact of the cost of living crisis, 27% of people report that they are already struggling to make ends meet as inflation rises to its highest level in nearly 30 years.

The survey by KIS Finance polled 1,500 people in January 2022, also finding that three in 10 (30%) are anticipating having financial problems in the future as they start to feel the impact of rising costs and inflation. And as these responses were collected before the war in Ukraine started, it is likely the financial position of many people could be impacted further, as the cost of fuel and other items continue to rise.

According to the findings, 70% of respondents overall have seen wages stagnate or fall, with just 30% reporting they have had a pay rise since the start of the Covid-19 pandemic.

The demographic that has been hit hardest, according to the findings was those aged between 18 and 24 years, with 35% reporting that they are already struggling financially. A quarter of this age group (24%) also reported a fall in wages compared to before Covid-19. More than a fifth of young people polled have also had to take on a second job to support themselves through the crisis (22%). 

When it comes to the group that is most worried about the impact of the rising cost of living, those aged 55 and above came top, with more than a third (36%) expressing their concerns.

Of all the regions in the UK, the survey found that the Southeast has been hit hardest by price hikes and the general cost of living crisis.

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