A study by price comparison website Compare the Market found that 53 per cent of people feel poorer than they did at the end of last decade, with six in 10 having no confidence that their energy bills would be lower over the next year under the new Labour Government.

Sharp rises in rental values have a greater disproportionate impact on young people, who are less likely to have made it on to the housing ladder and more likely to be living in rental accommodation. As such, further research from Creditspring previously found that money worries are creating a mental health time bomb for young people, with almost 40 per cent of 18- to 34-year-olds saying their mental health has significantly worsened as a direct result of the cost of living crisis.

The lender also found a third of young people say they are more in debt now than they were 12 months ago, with a further third saying their financial worries have reached the point where they are unable to sleep

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