Financial fairness decreases

26 July 2022

So which side do you come down on? We’re of course talking about the most important decision facing the country: earrings from Claire’s Accessories or Prada shoes? The new prime ministerial candidates’ sartorial choices are good clickbait but many of us do want to hear more from the candidates as to how they will help millions struggling with price rises. This month we released two significant reports on the state of the nation which highlight what further action is needed as living standards are squeezed.

Our Financial Impact Tracker with the University of Bristol found one-in-six UK households (4.4 million) are now in ‘serious financial difficulties’, compared to one-in-ten (2.8 million) in October 2021 – an additional 1.6 million households. The report outlines various ways people are trying to cope with the increase in the cost of living.

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Our annual wealth audit, in partnership with Resolution Foundation, found the UK’s wealth gaps have increased to new highs - the wealth gap between the top and middle tenth of households in the UK has grown to a record £1.2 million per adult. The report, Arrears Fears, also found 1.3 million British families had no savings even before the cost-of-living crisis struck.

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Both reports were reported widely in the press. You can read the Daily Mail’s take on UK households’ lack of savings here, or the Guardian’s report on the increase in households struggling here.


Project in focus - Living Pensions

How many are on track to have a decent standard of living in retirement? A lot less than you think. New research from Living Wage Foundation, funded by the Trust and completed by the Resolution Foundation is being published on Thursday 28th July. Find out more by attending the online event.


Stat of the month- Food or heat?

Half of 16-25 year olds (49%) have gone to bed hungry in the last twelve months. New research on young people’s ability to afford their food bills by Centrepoint, funded by the Trust, was released this month. Read more


Latest Podcast - Inflation

Miatta Fahnbulleh, Chief Executive of the New Economics Foundation, joins our Chief Executive Mubin Haq to discuss how inflation got so high. What’s causing prices to rise? Do wage rises just fuel inflation? And how does the UK compare to other countries?

Listen here or wherever you get your podcasts.


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