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Wales hit hardest by cost of living crisis

By nation.cymru

6 months ago

News

Wales has been hit hardest by the cost of living crisis with almost a quarter of households in “serious financial difficulty,” new research has revealed.

22% of households in Wales have resorted to cost cutting measures such as buying lower-quality food, selling possessions and cutting back on showers to make ends meet, a report says.

That compares with 16% of UK households overall in serious difficulties, with Wales in first place ahead of 21% in Scotland and 20% in the North East of England.

The cost-of-living crisis is hitting some groups harder than others. Single parents, renters and parents with two children are facing the greatest rise in financial difficulty, the research found.

Experts warn government support measures – like the £150 council tax rebate announced in March – may not be reaching those who need it the most.

The survey found a similar proportion of households in serious financial difficulties reported receiving the rebate as those feeling financially secure, at 40% compared to 41%.

A UK Government spokesperson said they were taking measures to help the poorest families.

“We understand that people are struggling with rising prices which is why we have acted to protect the eight million most vulnerable British families through at least £1,200 of direct payments this year with additional support for pensioners and those claiming disability benefits,” they said.

“Through our £37 billion support package we are also saving the typical employee over £330 a year through this month’s National Insurance cut, allowing people on Universal Credit to keep £1,000 more of what they earn and cutting fuel duty by 5p – the biggest ever cut to fuel duty rates which saves a typical family £100.”

The tracker is carried out on a regular basis by YouGov. People in Wales, Northern Ireland, England and Scotland are asked about their income, payment of bills, borrowing, debt, savings and other financial changes, including their ability to pay for essentials such as food.

The survey of around 6,000 people between May 25 and June 6 shows the real-world impact on living standards as wages fail to keep pace with the rate of inflation, squeezing hard-pressed families.

 Read the rest of this story on nation.cymru

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