How bad is the cost of living crisis in the UK?

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Rent increases, utility bills, council tax, groceries, it's all going up and it's making it harder and harder for people in the UK to stay on top of their finances
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In fact, millions of Brits say that they've struggled to pay their bills this year
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New figures out from the Financial Conduct Authority show that around 1 in 7 or 7.4 million UK adults struggled to pay their bills and credit repayments in January
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That's not quite as high as the 10.9 million people in January 2020, but it's still above the 5.8 million recorded in February 2020, immediately before COVID-19 hit
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The most commonly missed repayments were utility bills, closely followed by credit card bills and council tax
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And when it comes to rent, well, that's a whole other story. The FCA said 62% of renters had seen rent increases in the previous 12 months
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With half reporting they were not coping financially or finding it difficult to cope
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And in London, the UK's most expensive city to rent, people told us on the street that they were spending around half of their paycheck on rent
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What percentage of your salary would you say you spend on rent at the moment
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Just under half. Most of it. Probably just under half. Half, more or less
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Despite all of this, the Financial Conduct Authority said that two and five hours, said that two in five adults who had fallen behind on their bills said that they wouldn't talk to their lender about their finances
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But the FCA says the best thing to do if you're worried about making payments is to reach out to your lender straight away
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Here at City A.M, we would like to know have you struggled to pay your bills in the last six months
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Let us know in the comments and subscribe for more

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How bad is the cost of living crisis in the UK?

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