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Rising Living Costs Impacting Ability To Save In The Yorkshire Region

Over a quarter (28%) are saving nothing each month. 66% in the region say the rising cost of living has had an impact on their ability to save money.

Research released by Accenture reveals that two-thirds (66%) of adults in the Yorkshire region believe the rising cost of living has impacted their ability to save money.

The survey of over 2,000 UK adults, found that half (50%) of residents in the Yorkshire region felt confident about their future finances.

The survey also revealed that over a quarter of those based in Yorkshire had been able to save more since the start of the pandemic in March 2020 (27%), however a higher proportion claimed their savings had remained the same (37%).

Since the start of the pandemic, many haven’t been able to save anything at all, and that’s a worrying state of affairs.

When asked about their financial confidence, the cost of goods was highlighted as the most important factor in the region, with over three fifths (61%) saying price increases are having an impact. House prices (41%) and rising interest rates (51%) were also cited as important factors.

Meanwhile, rent prices have a disproportionate impact on young people’s confidence across the UK, with 53% of 18-24-year-olds citing high rents as affecting their ability to save, compared to 28% of the wider population in Yorkshire.

Helen Morgan, who leads Accenture’s business in the Yorkshire region, said:
“As we enter 2022, adults not just in the Yorkshire region but across the UK are faced with an incredibly challenging environment. Since the start of the pandemic, many haven’t been able to save anything at all, and that’s a worrying state of affairs.

“With the continued rising costs of living, the worries show no sign of abating, and with less than half of Yorkshire residents feeling confident about their financial future, more must be done to aid financial wellbeing for all of those in our local community.”

About the research
The research was conducted by YouGov Plc on behalf of Accenture and all figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,130 adults. Fieldwork was undertaken between 23rd - 24th December 2021. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).