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ECONOMY

Rising living costs in UK have greatest impact on renters, young people

LONDON

Rising living costs in the UK have had the greatest impact on renters, young adults age 25-34, and families with children, according to a survey released by the Office for National Statistics (ONS) on Monday.

The study found that credit card and consumer loan usage among the 25-34 age group was 34% higher this January compared to the same month last year.

The statement also noted that 55% of renters in the country would not be able to cover an additional cost of £850 ($1,023), while for homeowners, the figure is 12%.

Additionally, the ONS revealed that 54% of families with children do not have any savings for the next 12 months.

The annual inflation rate in the UK reached 11.1% last October, its highest level in 41 years, before falling to 10.1% in January.

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