Over half of adults in Great Britain report an increase in their cost of living

According to an Office for National Statistics (ONS) survey from May 2024, 55 per cent of adults across Great Britain reported an increase in their cost of living compared to April.

The data showed that 42 per cent of people said their cost of living had remained the same, and the other three per cent reported a decrease.

Among the adults who stated that their cost of living had increased, the most reported issues for the increase were:

• A rise in their food shopping costs (94 per cent)
• Fuel prices (61 per cent)
• Their gas and electric bills (53 per cent)

While the proportion of adults reporting that the price of their gas and electric bills had increased has fallen since the start of 2024 (85 per cent), the number of people reporting that their fuel prices have risen from 41 per cent.

Figures recently published by the ONS have shown that retail sales have fallen by 2.3 per cent in April.

The figure brings inflation closer to the Bank of England’s target – but not quite as close as expected (the Bank themselves forecast 2.1 per cent).

The cost of living is having a substantial impact on all parts of society and is restricting many people’s abilities to save for short-term aspirations, medium-term goals and, ultimately, their retirement.

If you have had to alter your savings, investment or pension planning as a result of the cost of living crisis, but would like to reassess your plans going forward, please speak to our team.