Cost of living impact to homeowners and renters
This article looks at the effects of the cost of living in the autumn of 2023 and the data relates to that period. You can find our latest report here.
In the UK, in the autumn of 2023, the ongoing cost of living crisis was affecting many of us. People were faced with tough financial decisions and were making difficult choices about essentials like food, energy and other bills.
To help understand the impact the cost of living was having in the UK, we analysed the results of cost of living research that we had carried out between August 25th and September 10th 2023, with over 4,000 UK adults. We asked people about their experience of the cost of living crisis and this is what they told us:
Top Concern: A significant 94% of the individuals we surveyed expressed concern about the growing cost of living.
Increased Expenses: On average, households are now spending an additional £494 per month to meet fundamental needs like housing, energy, and food. When including costs for childcare and pets, the cost rises even further.
Slowly Growing Confidence: Currently, 1 in 5 the people feel comfortable and confident with their current financial situation.
Visualising the Cost of Living Crisis in the UK
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 4222 adults. Fieldwork was undertaken between 25th August - 10th September 2023. The survey was carried out online.
The figures have been weighted and are representative of all GB adults (aged 18+).
*Data from Bank of England
**Data from ONS
Dealing with rising costs
We understand the challenges posed by these circumstances can be overwhelming, and that's why we're here to offer support and guidance. Take a look at our guides and articles to find information and tips on managing money and dealing with bills.