Nearly 66% of adults have reported experiencing a worsening cost of living crisis in the past month, according to official figures. The Office for National Statistics data highlighted that energy and food costs continue to be significant financial burdens for individuals.
Among respondents, approximately 1 in 30 adults indicated that they or their households had faced food shortages in the last two weeks due to financial constraints. This percentage increased to 8% in the most deprived areas of England, with higher rates observed among renters and individuals with disabilities.
Furthermore, almost 60% of respondents mentioned that they are cutting down on eating out, reflecting the financial strain on restaurants and pubs struggling to stay afloat.
These findings coincide with the Labour Party’s commitment to prioritize addressing the ongoing cost of living crisis, recognizing its importance to voters, especially in the upcoming local elections. The survey by ONS highlighted that the cost of living ranked as the top concern for people at 88%, surpassing other issues like healthcare, the economy, immigration, crime, and housing.
In other news, a money-saving enthusiast shared how she managed to reduce her mortgage by £1,500 by selling her old smartphone. Neesha Craig, residing in Swansea, used £300 from selling her Samsung Galaxy S23 Ultra to make an extra payment on her mortgage, demonstrating how small financial decisions can lead to significant savings.
Additionally, a recent study by musicMagpie revealed that 38% of Britons have unused smartphones worth an average of £250, emphasizing the potential for individuals to unlock hidden value in their possessions.
Moreover, Poundland underwent a restructuring process that involved closing nearly 150 stores and cutting 2,200 jobs. Despite completing the restructuring, Poundland acknowledged the need for further efforts to stabilize its operations.
On a different note, HMRC disclosed that approximately 3.3 million individuals have yet to submit their self-assessment tax returns, with a looming deadline and potential penalties for late filing. Failure to meet the January 31 deadline could result in a £100 fine, with additional penalties accruing over time.
Lastly, Harry Styles announced his upcoming tour, prompting fans to be cautious of ticket scams commonly associated with high-demand events. Financial experts advise buyers to purchase tickets from reputable sources and consider using credit cards for added protection against fraudulent transactions.