Nearly 66% of adults have reported a deterioration in their financial situation due to the escalating cost of living crisis in the last month, according to latest official data. The Office for National Statistics findings highlighted that expenses related to energy and food continue to be major financial burdens for individuals.
Approximately 1 in 30 adults stated that within the past two weeks, they faced a situation where they ran out of food and could not afford to purchase more. This percentage rose to 8% among residents in the most deprived regions of England, with high numbers also seen among renters and individuals with disabilities.
In parallel, almost 60% of respondents expressed that they are cutting down on eating out as a way to manage their finances, underscoring the strain on restaurants and pubs already struggling to stay afloat.
These observations coincide with Labour’s commitment to prioritizing alleviating the persistent cost of living crisis in the upcoming year, recognizing the impact this issue will have on voters during the local elections. Highlighting the significance of the matter, the ONS survey revealed that the cost of living was the top concern for the majority of individuals (88%), surpassing other critical issues like healthcare, the economy, immigration, crime, and housing.
On a different note, a mother who excels at saving money shared her strategy on how she managed to reduce her mortgage by £1,500 through a simple tip. Neesha Craig, residing in Swansea, Wales, with her family, sold her old Samsung Galaxy S23 Ultra for £300 and utilized the funds to make an overpayment on her mortgage, resulting in significant interest savings.
Additionally, a recent study conducted by musicMagpie indicated that approximately 38% of Britons possess at least one unused smartphone in their possession, with an average value of £250, providing an opportunity for individuals to unlock additional funds.
In other news, Poundland, as part of its restructuring initiative, closed nearly 150 stores and cut 2,200 jobs, streamlining its operations. The retailer, now operating with 651 stores, underwent significant changes after being acquired by investment firm Gordon Brothers, with a focus on revamping its business model to ensure sustained growth.
Furthermore, with just eight days left until the self-assessment tax return deadline, HMRC disclosed that approximately 3.3 million individuals are yet to submit their returns, emphasizing the importance of meeting the deadline to avoid penalties. Failure to comply by January 31 could result in an automatic £100 fine, with additional penalties accumulating over time for non-compliance.
Lastly, retail sales figures for December exceeded expectations, showcasing a 0.4% increase in total volume, driven by a notable surge of 4.4% in online sales, particularly in the jewelry sector. While 2025 witnessed an overall rise of 1.3% in sales volumes, the year ended with a slight decline, emphasizing the ongoing challenges in the retail sector post-pandemic.