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Posted by Ros Connors

Is the cost of living crisis hitting the younger generation the hardest?

A new report released today has been studying the financial impact of the cost-of-living crisis since February 2022. It has found that the extended length of time people across the UK have had to deal with increases in interest rates on mortgages, high energy bills and inflated food prices, has left millions of people going into the red, worrying about household bills or having little or nothing by way of savings. 

The Financial Resilience Report 2024, also highlights how people in their 30s and 40s are feeling the impact of the last two years of the cost-of-living crisis the most. But parents with children under the age of 3 are also badly affected.

The figures, published by mutual pensions provider and insurer Royal London, show people aged between 35 and 49-years-old have the highest average annual personal income, yet 1 in 5 (20%) admit they are close to falling into, or already in, financial crisis, compared to just 13% on average for the sample as a whole.

Ros spoke to consumer finance specialist Sarah Pennells

Photo by Colin Watts on Unsplash

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