Cost of living
The cost of living crisis
The UK is facing a cost of living crisis and millions of people are having to make difficult choices about their finances, in some cases choosing between feeding their families and paying their bills.
We may not be able to predict of control what's happening in the world, but we can help you to understand what these changes mean for you and your finances.
Find out more about how you can manage your money during these challenging times – and how you can join us in helping those in urgent need.
Helping people in crisis
We believe we’re stronger when we work together. So we’re proud of our partnership with national charity Turn2us, where we’ve donated over £500,000 so far, to support more people facing financial crisis to build resilience. To help fund the support that households urgently need now, Royal London is matching donations to the Turn2us Cost of Living Crisis Appeal.
Following overwhelming support for the appeal, we’ve decided to increase our match donation limit from £10,000 to £15,000.
- £20 can help cover one family’s transport costs to work, school or hospital for a week.
- £25 can help three families receive financial advice and support through the Turn2us Helpline.
- £45 can help a family pay their utility costs for a week.
- £100 can help cover groceries to feed a family for a week.
We understand that this is an uncertain time for everyone, but if you’d like to support the appeal you can make a donation.
Building financial resilience
Through our Changemakers programme, we support individuals and social enterprises to explore society’s challenges and develop and scale innovative solutions. These range from helping low income households to save money on bills, to providing sustainable employment to some of society’s most financially vulnerable groups.
During a time where the cost of living is impacting so many households, our Changemakers are helping to build people’s financial resilience for the future.
Louis Holliday, Pocket Power
“Now is a really tricky time for lots of people when they’re thinking about trying to pay their household bills.”
Pocket Power are tackling the poverty premium by helping people on low incomes find better deals on their household bills.
Jerry During, Money A&E
“Lots more people are facing financial exclusion and debt, and they need a lot more support.”
Money A&E provides money advice and educational services to disadvantaged groups and Diverse Ethnic Communities.
Ebony Rebecca, RoseTinted Financial Services
"The worst affected [are] choosing between food and gas/electric on a weekly basis."
RoseTinted is a service that promotes mental wellbeing for women through a mixture of financial and mental health support.
Managing your money in uncertain times
Take a look at our range of guides, articles and practical support. They're designed to help you manage the cost of living and make you feel a little more in control.
How to save money on your energy bills
Energy bills can be a major expense, but there are some simple steps we can all take to try and keep costs down.
How to cut your bills
It’s always a good idea to regularly review your household bills to make sure you’re not paying over the odds. But it’s particularly important when the cost of living is rising. It will take a bit of your time, but you may be able to save some money by doing this.
Top 10: tips to manage your money
Monitoring where our money’s going can have a big impact on our attitude to spending and how much we save. Read our tips to help get you started.
The Penny Drops podcast
On our podcast series we cover personal finance topics such as budgeting, debt and savings – as well as other issues that money can have an impact on, like your mental health.
We have some guides on some of the basics from the benefits of tracking your everyday spending, to cutting bills and budgeting. You'll also have find help if money is tight with guides on debt and state benefits.