A new survey has looked in to how people will be impacted by the cost of living crisis and the changes they’ll be forced to make in order to survive financially.
The SellCell.com survey questioned 3000 Brits and found that 94% said that cost of living increases will have an ‘adverse effect’ on their household finances, with 26% saying it will have an ‘extremely detrimental effect’.
Of those surveyed, 70.2% said they would be reducing their heating use, or turning it off completely in order to cut costs and 62.4% will be aiming to reduce electricity use.
In terms of everyday spending, respondents said they would:
- Shop in discount or budget supermarkets (cited by 56.8%)
- Cancel subscriptions – such as Sky and Netflix (38.9%)
- Buy less clothing (38.4%)
- Avoid buying the latest tech (41.4%)
Considering becoming an employee of Contractor Umbrella?
Give us a call on 01206 591 000 or email jaime.thorpe@contractorumbrella.com.
Email JaimeInterestingly, just over half (55.8%) haven’t got plans to try and supplement their earnings by taking on another job, however, 24.1% did say they will sell possessions, such as clothing and jewellery, to make extra cash.
Worryingly, 33.5% of people admit that they don’t have any savings to fall back on, while 22.7% said that they will need to take out a loan or a new credit card to get them through these tough financial times.
And, with the festive season looming, 24.8% of people – representative of almost a quarter of the population of the UK – are extremely worried about the pressures of Christmas spending.
As many as 71.8% of UK respondents said that they will reduce their Christmas spending this year.
To find out more about contracting please contact Jessica on 01206 591 000 or email jessica.attwood@contractorumbrella.com.
Trusted by over 1,200 employees |