REPORT: At the front line of the cost-of-living crisis
Interest rates have gone up thirteen times since May 2022. Inflation calculators, which look at purchasing power over time, show that since 2022 there has been a ten percent decrease in the purchasing power of the dollar. A grocery shop that used to cost $200 now costs $220.
These pressures have forced many people to cut back on spending.
Some are taking steps to reduce discretionary spending but are still able to afford the essentials. Others are struggling, juggling multiple debts and unable to afford the basics — food, rent and power bills.
This snapshot examines the impacts of the cost-of-living crisis on ordinary
people, drawing on the insights of financial counsellors and their clients, and explains how our service is responding to help people and influence financial services to create a fairer market.
Read the report (PDF).
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