The telegraph has recently reported that the cost of living has increased dramatically over the past decade, with the prices of basic living necessities such as heating, water and shelter has risen by 25% since 2004.
Many people have felt the sharp increase, with spending on miscellaneous items, transport and education decreasing at a steady rate. The increase in the cost of living has had a large effect on day to day consumers, with Halifax showing figures of only a 2.1% increase in wages over the same period.
Spending on luxuries such as restaurants and hotels has fallen 12%, showing that the constant rise on the cost of living is having a knock on effect across a wide range of industries. Many people have had to take advantage of government grant schemes while they have been made available, with many feeling the pinch and having to use heating as little as possible due to their current models using too much energy to heat the home.
Director of personal accounts for Halifax, Anthony Warrington stated, “Rises in the cost of living in the last ten years mean households have had to prioritise spending on everyday essentials, leaving some with little choice but to cut back on discretionary spending. While we all have different financial priorities, everyone is affected by the rising cost of essential goods and services.”
Tempo Insulation is constantly striving to help to reduce the rising cost of living to people that aren’t able to afford the rising energy prices. In order for us to help, we install energy saving measures on behalf of the Government and major energy firms. If you would like more information to check your eligibility, call Tempo on 0800 152 2011 and speak to our team for advice.
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