Copy article

ONS cost of living data

ended 20. February 2023

The ONS has just published a detailed report showing that renters have higher odds of experiencing some form of financial vulnerability (4.4 higher odds), compared with those who own their home outright; more than half (55%) of renters reported being unable to afford an unexpected, but necessary, expense of £850, compared with 12% of outright homeowners. It also revealed adults aged 25 to 34 years had the highest odds of experiencing some form of financial vulnerability (2.2 higher odds), compared with those aged 75 years and over; around a third of adults aged 25 to 34 years (34%) reported borrowing more money or using more credit than usual compared with a year ago, compared with 7% of those aged 75 years and over. Any thoughts, send them across ASAP as this story is BREAKING.

1 responses from the Newspage community

Copy all

Copy

Editor
Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
It's not surprising that those who are younger, who haven't saved up for a deposit for their own home, have a higher propensity to be vulnerable to financial shocks. This highlights the importance of experience and financial education in helping manage the nation's finances better.