The cost of living crisis has hit women, young families and renters disproportionately hard according to new research.
The Pulse of the Nation Index carried out by Amárach Research among 1,200 people suggests the vast majority have taken at least some steps to counter spiralling inflation by shopping around, switching service providers, dressing warmer and cutting back on entertainment.
All told, 95 per cent of people have engaged in “money-saving hacks”, with an average person taking five actions to save money.
Just over 80 per cent of people said they dressed in warmer clothes at home to reduce heating costs, with 57 per cent saying they had cut back on non-essential items and 41 per cent saying they had cancelled entertainment subscriptions.
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The survey suggests women are less happy with their financial situation than men and account for 60 per cent of those with the lowest quality of life. They also report lower levels of satisfaction with their mental and physical health than men.
The index also indicates women are cutting back on spending more than men, with 64 per cent reducing their spend on non-essential items compared with half of men.
Women have responded faster to spiralling prices, with 70 per cent describing themselves as “obsessed” with finding value compared with 56 per cent of men.
A further 79 per cent of women are treating themselves less often compared with 66 per cent of men, while almost three quarters are spending less on socialising compared with two thirds of men.
The financial pressures on women weigh heavily on their outlook as they have less confidence in the economy, with 63 per cent having a negative economic outlook compared with 41 per cent of men.
Money is firmly on the minds of consumers, with large purchases deferred by 62 per cent and three in four switching to more cost-effective service providers and retailers. As many as one in four have admitted to skipping a bill to meet other financial priorities.
When it comes to the cost of living crisis, the research, conducted on behalf of Penneys, found renters are almost twice as likely to be dissatisfied with their financial situation, with 68 per cent expressing dissatisfaction compared with 39 per cent of homeowners.
There is a marked contrast in their perceived quality of life, with a significant 22-point gap between both groups. They also have a far more negative economic outlook, with 67 per cent of renters expressing a lack of confidence in the economy compared with 45 per cent of homeowners.
Households with children are highlighted in the Index as feeling the pressure of the cost of living crisis more than other households. They are almost twice as likely to have skipped a bill to prioritise other spending compared with households without children.
Families are finding it more difficult to control expenditure on essentials such as groceries and utility bills.
“This Index helps us see the bigger picture, beyond inflation and other pressures, reflecting how people are feeling about their lives,” said Amárach chairman Gerard O’Neill.
He said it revealed that “this is not an ‘equal opportunity’ cost of living crisis as it clearly identifies three key groups – families, women and renters – who are shouldering the financial burden and whose quality of life is impacted the most.”
