The cost of living crisis is forcing more Britons to dip into savings, with renters and young adults hit hardest, according to official figures from the Office for National Statistics (ONS). Three in 10 people surveyed are using savings due to rising costs, up from a quarter in late April.
One in 20 households have run out of food and could not afford more, the ONS found. Almost half of adults are spending more than usual or buying less food. The Bank of England's 13 consecutive interest rate rises have driven up mortgage and rental costs.
Renters are nearly five times more likely to face financial vulnerability than outright homeowners. Young adults aged 25-34 are over three times as vulnerable as those aged 75 and over. Lone parents, disabled people, and black and minority ethnic groups are also disproportionately affected.
About half of Asian or Asian British adults and 47% of black adults find it difficult to afford rent or mortgage payments, compared with 33% of white adults. The ONS survey of nearly 15,000 adults found 92% believe the cost of living is the most important issue facing the UK.
