Nearly one in 10 (nine per cent) people say their monthly outgoings are at least £500 higher than a year ago, a survey has found. People who are retired meanwhile have typically seen their living costs increase by an average of £163 per month, pensions and retirement specialist LV= said.
One in seven (13 per cent) of those with extra living costs said they are struggling to pay for heating and 10 per cent are finding it difficult to pay for food, according to the research involving 4,000 people. Surging living costs and some people perhaps doing more activities than they were earlier on in the pandemic will be putting a strain on incomes.
A third (36 per cent) of people said they are saving less in order to get by and 8 per cent are taking on more debt. One in 20 (5 per cent) has asked friends and family for help.
