Cost of living crisis forces more Britons to use savings, with renters worst hit

People queuing up at a cash machine. The ONS said three in 10 people it surveyed were using savings because of the rising cost of living. Photograph: Everyday Images/Alamy

Britain’s cost of living crisis is forcing more people to dip into savings to make ends meet, according to official figures showing renters are at the greatest risk of financial vulnerability.

The Office for National Statistics said three in 10 people it surveyed were using savings because of the rising cost of living, an increase from a quarter of adults reporting this in late April.