Due to inflation in 2022, people in the UK began to save money and spend less on food and clothes.
At the start of 2022, over 63% of UK residents were concerned about the cost of living. Their fear was based on the alarming inflation rate, and the second quarter of 2022 has shown that the fears were founded. According to a BBC survey, over 56% of over 4000 respondents are now cutting down on the amount spent on groceries and are also skipping meals.
Inflation and coping mechanism in the UK
Two surveys in the UK in 2022 have revealed a similar situation globally. Inflation has hit the global market — from the third world countries to the nations with good economies. The United Kingdom has one of the best economies in the 21st Century. However, the ripple effect of the pandemic still has a significant impact on the economy and this, in turn, affects people in the UK. Due to inflation in 2022, people in the UK began to save money and spend less on food and clothes. With many finding it challenging to get by, they are finding ways to cope. And this is especially important because the situation may continue — going from bad to worse.
How people in the United Kingdom are saving now
One way many are coping with the rising cost of services is by saving money on different aspects of daily/monthly spending. Here are some significant ways:
- People are always improving how they handle their budgets. According to the survey, this may be as easy as having fewer outings or fewer haircuts. To conserve money, 82% of those questioned reported turning off the lights. 72% of those surveyed said they had curtailed their car trips over the previous six months.
- Using promo codes and discounted offers is another way. A common way many people cut down costs is by taking advantage of discounted offers and promos. In the UK, Promocodius.co.uk is a place to find discount offers and promo codes on various types of products ranging from food to clothing and gears. This site also puts up information on free shipping offers. Using the information available on Promocodius.co.uk, many spend less and save more.
- 84% of respondents stated they had cut back on their clothing expenses during the previous six months. To assist pay the bills, around half (52%) anticipate working longer hours in the upcoming six months.
- Large portions of middle-class working households in Britain are forced to make material sacrifices. Even after that, they now fall into those who "just about manage." In actuality, this has resulted in some food banks running out of food donations, direct debits for energy bills consuming people's entire disposable cash, or donors using the food banks' services. Nearly two-thirds of those surveyed said that even with the government's latest package of relief for energy bills, it is not enough, suggesting that attitudes are changing. The statistics also indicate that a comparable percentage believes the current assistance should continue for at least another year.
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
