Thread by @ONS

Impact of the rising #CostOfLiving on British adults exploring the characteristics of those who are most financially vulnerable.

Data from the Opinions and Lifestyle Survey (14 Sept 2022 to 8 Jan 2023).

➡️ ow.ly/SbNT50MWM0j

People more likely to experience some form of financial vulnerability compared with other groups in the population include:

▪️ renters
▪️ younger adults (aged 25 to 34 years)
▪️ parents living with dependent children

34% of adults aged 25 to 34 years reported borrowing more money or using more credit than usual in the last month, compared to a year ago💷

By contrast, only 7% of those aged 75 years and over reported the same.

55% of adults living in rented accommodation said they wouldn't be able to afford an unexpected but necessary expense of £850🏡

The same was found for 12% of those who own their home outright.

54% of parents living with dependent children reported being unable to save in the next 12 months.

Compared with 42% of non-parents or parents not living with a dependent child.

26% of adults who pay for their energy with a prepayment meter reported using credit more than usual (credit cards, an overdraft or a loan) because of the rising #CostOfLiving 💳

Compared with 14% for those who do not pay for their energy this way.

➡️ ow.ly/SbNT50MWM0j