Cardiff, United Kingdom – Hodge has released a report which takes a deep dive into the cost of living crisis and how it’s having an impact on the way the UK public spends and saves money. By sharing the findings of its report, Hodge hopes to demystify the cost f living crisis and what it means for spenders and savers.
In addition to its detailed report, Hodge has included a wide range of resources that can help educate people about the cost of living as well as providing expert financial support and advice.
“We’re here to support our customers through the cost of living crisis,” said a spokesperson from Hodge. “From top saving tips on social media to an information hub for those who might be struggling financially, our report helps our customers find the information they need to understand the current situation and the best ways to look after their money.”
What is the cost of living crisis?
The cost of living in the UK is on the rise, meaning everyday essentials like groceries, energy and fuel have gone up in price quicker than the average household income is increasing. The UK saw a sharp increase in inflation between 2021 and 2022 post-pandemic, reaching a peak of 11.1% in October 2022.
To understand how this has affected people’s spending habits and to develop the best ways to support its customers, conducted a cost –of living survey as part of its research for its new report.
The survey involved more than 2,000 people aged 21-55+ with incomes ranging from £18k to more than £100k and followed on from Hodge’s 2022 cost of living survey to see what has changed. Customers were asked a series of questions, including their spending habits, how they’re using their savings and their feelings towards the rising cost of living.
Hodge found people aren’t very confident when it comes to managing their finances and are struggling to save, with 75% of people saying they’ve had to dip into their savings for everyday expenses and most are looking to cut back on spending with dining out, luxury goods and grocery shopping receiving the biggest cuts on spending overall.
Additionally, 54% of participants claimed to have created an emergency cost of living fund. Other statistics show that 58% of people were concerned about rising interest rates and subsequent loan repayments, and 58% plan to move their savings from their current banks to get the best return.
During its research, Hodge found no one is immune to the rising cost of living, but age, gender, and income play a part in how people are saving and how worried they are about their finances.
Overall, 61% were concerned about the performance of the UK’s economy, those under 50 years old were significantly more concerned than those over 50, and women were 11% more likely to be worried than men.
About Hodge
Hodge has been utilising its expertise and knowledge to support people in the moments that matter for over 50 years.
By designing straightforward and simple products that have helped tens of thousands of customers across the UK achieve their hopes and dreams, whether that’s saving for a key life event, taking on a mortgage for their family home or developing a property, Hodge is committed to helping their customers in the moments that matter.
More information
To find out more about Hodge and its cost-of-living report, please visit the website at https://hodgebank.co.uk/.
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