New data analysed by Opinium has discovered that the recent energy price cap rise is affecting the finances of the younger generation more than any other.
Its research found that 18-34 year olds are the most likely to be cutting back on putting money into their savings (23%), investments (14%) and pensions (13%) in order to mitigate soaring energy prices.
When asked what an increase in energy bills of £700 per year would mean for them, a third (32%) said they wouldn’t be able to heat their home any more, 18 per cent said they wouldn’t be able to afford their rent, 14 per cent said they wouldn’t be able to make their mortgage payments and 16 per cent said they wouldn’t be able to afford their childcare - all higher than any other age group.
