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Worst yet to come for families struggling with cost of living crisis

By nation.cymru

2 weeks ago

News

The biggest impact of dramatically falling living standards is yet to hit, according to new research which shows that families across the UK have only experienced half of the lost income they are expected to suffer during the cost-of-living crisis.

New analysis from the Resolution Foundation think tank suggests the average household across the country will be left £2,100 worse off by the end of the next financial year.

After housing costs, the typical income for a working age family is set to drop by 3% in the year to the end of March, followed by a 4% drop over the following 12 months.

The 7% drop will hit families harder than during the financial crisis more than a decade ago.

The post-crisis squeeze then only reached about 5% between the 2010 and 2012 financial years.

It would leave households worse off than they were before the pandemic until 2028, the think tank said.

Even though the crisis is not even at the half-way point yet, the authors of the report said millions are already struggling to copy with the massive spike in costs they have seen this year.

They say nearly a quarter (23%) of adults who responded to its survey – equivalent to 12 million people around the country – said they could not afford to replace or repair their fridges, washing machines or other big electrical goods.

Before the pandemic only 8% said the same.

The researchers also found 11% say that at some point over the last month they went hungry because they did not have enough money.

Before the pandemic 5% said they went hungry for lack of money.

 Read the rest of this story on nation.cymru

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