There is a cost of living crisis in the UK today, as inflation soars fuel prices reach record highs and benefits are cut.
Rising inflation means that, while wages have increased, in real terms employees are far worse off than before the pandemic as the day-to-day cost of living has soared.
In short, the pound in your pocket is worth less than before.
Fuel poverty is also widespread, with over 13 percent of English households were classed as ‘fuel poor’.
According to the latest 2020 Office for National Statistics Family Spending report, the average UK household budget was a £2,548 a month, an eye-watering £30,571 a year, based on an average of 2.4 people per household.
This is 50 percent higher than the average European country.
Meanwhile, forecast modelling last year reported, that without a change in government policy, 32 percent of the UK population – 21.4 million people – will be living below a socially acceptable living standard, as measured by the Minimum Income Standard (MIS).
It now more important than ever to follow money saving tips as the cost of living begins to bite.
You can get in touch with any money saving tips you have seen here, by emailing firstname.lastname@example.org.