Younger generations hit hardest by rising costs

With interest rates set to rise, inflation jumping to its highest level in nearly 30 years and energy price spikes looming, 57% have admitted to either struggling financially or they’re expecting to in the near future.

Research compiled by KIS Finance revealed that only 30% of people reported a rise in pay since before the pandemic, whilst 70% have seen their wages either stagnate or fall.

Nearly a third of those surveyed said that they are concerned that rising prices and the increasing cost of living would have a negative impact on their lives in the very near future.

Some have been able to make use of savings built up over lockdown to help meet increasing costs, however, this temporary buffer won’t last for long and the impact of a permanently higher cost of living is a real worry for many.

Other findings show:

• 27% are already struggling financially due to the rising cost of living.
• 36% of those over the age of 55 are worried that the financial pinch will hit them shortly as prices continue to rise.
• The South-East is the area most affected to date, with 30% already struggling financially.

Young people seem to have been hit the hardest by rising costs, with 35.5% of 18-24-year-olds reporting that they are already having financial issues.

Twenty-two per cent of 18-34-year-olds have even had to take on a second job in order to make ends meet with figures showing this age group has suffered a fall in wages compared to before the pandemic.

To find out more about contracting please contact Amelia on 01206 591 000 or email amelia.bowlez@contractorumbrella.com.