Sainsbury’s Bank Cost of Living Report
The cost of fuel, energy, food and other everyday essentials has risen rapidly in recent months, with inflation in the UK reaching a 40-year high. The spiralling prices have been dubbed the “cost of living crisis” and it’s causing considerable worry among the population about paying bills and feeding their families in the winter months.
At Sainsbury’s Bank, we want to help our customers ease the squeeze. That’s why we conducted a survey of 2,000 people to find out how the cost of living crisis is affecting people across the UK.
You can discover what we found out in our Cost of Living Report.
What’s in our report?
Our report looks at:
- What people are most worried about when it comes to costs such as bills and groceries.
- Where people are making cutbacks and how this affects Christmas and paying for after-school activities.
- How people are planning their financial futures in the face of more monthly outgoings.
Plus, we run through a few helpful tips on managing your money and spending, with advice on how to cope with the financial pressures being placed on all of us this winter.
Read our full report to find out how our respondents’ spending habits are changing during the cost of living crisis.
What did we find?
From stopping children’s extracurricular activities and looking for second jobs to putting life goals on hold, Brits are having to make tough decisions to manage their spending.
According to our survey:
• UK monthly food bills have risen by between £51-£100 in the last six months.
• Almost half of parents surveyed have stopped saving for their children's education fund.
• 42% of people said they will need to find an additional job to cover essential expenses.
How can people cope with the impact of the cost of living crisis?
We analysed the results of our survey and used the data to offer some helpful hints that could save you and your family money.
Whether it’s taking advantage of government assistance, making your home more energy-efficient, or simply having a more considered and careful approach to cooking your dinner, there plenty of things you can do to save money.
Read our full report for all our hints, tips and advice on cutting costs.