UK: Rising living costs impact renters, young people
Survey finds credit card, consumer loan usage among 25-34 age group was 34% higher this January compared to same month last year
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Rising living costs in the UK have had the greatest impact on renters, young adults age 25-34, and families with children, according to a survey released by the Office for National Statistics (ONS) on Monday.
The study found that credit card and consumer loan usage among the 25-34 age group was 34% higher this January compared to the same month last year.
The statement also noted that 55% of renters in the country would not be able to cover an additional cost of £850 ($1,023), while for homeowners, the figure is 12%.
Additionally, the ONS revealed that 54% of families with children do not have any savings for the next 12 months.
The annual inflation rate in the UK reached 11.1% last October, its highest level in 41 years, before falling to 10.1% in January.
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