Our recent survey revealed that over 60% of Londoners are more concerned about debt now than they were six months ago. The increase in concern has occurred as a result of the recent, well-documented increase in cost of living prices across the UK.
The survey also revealed that almost 90% of respondents are at least somewhat worried about the cost of living increases. On top of that, over half revealed that they were “very worried” in the wake of the changes. These staggering statistics show that these emerging financial issues aren’t restricted to working class families alone, but in fact affect a much wider range of London’s residents.
Matt Dronfield, Head of Debt Free London, shared his thoughts on the survey results:
It is terrible to see such widespread concern over the rising cost of living. People are struggling to go about their normal lives without worrying about their financial situation on a daily basis. Our team of professional advisors has been working around the clock to help reduce financial stress in every way that we possibly can.
In terms of what it was that concerned respondents the most, 48% suggested that utility costs were causing the most distress. This should come as no surprise as the average household has been told that it will have to pay an extra £693 per year on average. The second largest concern was regarding rent/housing costs (27.6%), followed by food costs (16.2%) and transport costs (8.2%).
If you are struggling financially - whether it be energy bills, taxes, household costs or anything else - visit the Debt Free London website for free professional advice. The team can be contacted via phone or WhatsApp on 0800 808 5700, via video call or in-person at an advice centre. You don’t have to suffer in silence. We are here to help.
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