A survey by Avon found that two thirds of Brits (65 per cent) are worried about the impact of rising inflation, which is set to reach more than 7 per cent this year, energy bills and general living costs on their finances, higher than when the coronavirus pandemic hit in 2020.
Analysis from the Resolution Foundation last week, following the Spring Statement, suggested that couple households with two workers could see their real income drop by £392 by September 2022 thanks to inflation and stagnating wages. While many people have already been forced to cut down on spending, 31 per cent of men and 35 per cent of women also feel they need to secure an extra source of income in order to afford the rising costs.
Abbie Parcell, 24, privately rents a flat in Harrogate with her partner. Despite already working 38-hours a week as an Electro-muscle stimulation (EMS) trainer, Abbie says she is struggling to make ends meet.
“I live in an expensive area because this is where I’ve grown up, and I’m struggling to not go into my overdraft every month,” she tells the Big Issue. “I live with my boyfriend and we are both working so hard to make ends meet. I even withdraw my weekly budget in cash each week to stop me overspending but there’s always something extra to pay that makes me go over.”
To combat this, and to prepare for April’s rising costs, Abbie is trying to get a part time job, bringing her total weekly hours to 58.