RENTER, mortgage-holders and young adults are being hit hardest by the cost of living crisis, analysis reveals.
Fresh research from the Office for National Statistics showed the rising cost of housing and food is making millions more people financially vulnerable to income shocks.
AlamyRising inflation and living costs are putting pressure on people across the country[/caption]
Nine in ten say the cost of living crisis is their number one concern, with more than a third of adults finding it hard to pay their rent or mortgage.
Inflation held firm at 8.7 per cent in May after striking a 41-year high late last year.
While interest rates have been hiked to 5 per cent in an effort to slow it down.
Renters and mortgage holders had higher odds of experiencing financial vulnerability compared with those who own their home outright.
Those ages 25 to 34 years old, single parents, and disabled adults were also harder hit.
One in twenty adults reported that in the past two weeks they had ran out of food and had been unable to afford more, the ONS revealed.
David Ainslie from the Office for National Statistics said: “Today’s analysis adds to our work identifying inequalities in society and how certain groups have been more affected by the increased cost of living than others.
“We can see that renters were among those currently more likely to be experiencing financial vulnerability.
“Our findings also show that lone parents, disabled adults and black, African, Caribbean or black British adults are among groups more likely to be finding their rent, mortgage and food costs difficult.”
Imran Hussain, director of policy and campaigns at Action for Children, said: “These figures show that while most of us feel the cost-of-living squeeze in some way, women and children are the hardest hit.”