How the Cost of Living will further squeeze the least affluent
In our latest Cost of Living Podcast, we examine how expectations around missing payments are doubled among the least affluent demographic category in the coming months, with concerns around paying utility bills affecting nearly one in five households within the Low-Income Living category.
How we drew these conclusions using our Cost of Living survey
CACI’s recurrent Cost of Living survey has revealed particular concern among this group, who cite their likelihood to miss payments on rent, council tax and utility bills as impacts of the rising cost of living. Where 11% of the UK population fear missing payments on utility bills in the coming months, that figure rises to 18% among those households with the lowest incomes. Unlike other demographic groups, this figure outranks their expectations of going overdrawn or using credit cards to fund or defer payments.
Every three months, we ask a nationally representative sample of 2,000 UK adults a series of themed questions around the Cost of Living, their challenges, plans, behaviours and expectations. CACI has been conducting this research since the height of the Covid pandemic, establishing a series of trackers that monitor feelings towards the Cost of Living, the impacts this is having and how their activities are changing. At CACI, we utilise the power of our demographic segmentation, Acorn, to inform brands about how these changes will influence the way consumers are behaving.
Cost of Living Podcast – Part One: How consumers are reacting & adapting to living costs
Part one of our special two-part podcast focuses on the latest changes in sentiment around living costs, the rising use of foodbanks and how Gen Z have been able to avoid cost-cutting measures on the scale as the older generations. Our hosts, Paul Langston and Hannah Smith, react to the findings, including how housing situations may develop as tenants in particular become priced out of their current rentals.
Cost of Living Podcast – Part Two: Impact of living costs on mental health, travel & brand orientation
Part two moves on to consider the knock-on impacts of the continued strain on mental health, changes to the way that we are taking holidays and how consumers are turning to brands to lead on Net Zero goals.
If you’d like to find out more or subscribe to our monthly podcast and receive all of our Cost of Living analysis as it’s published, you can sign-up here.