Every year, we carry out research into how people are feeling about the rising cost of living. So, what changed in 2024 – and are we out of the woods?
Consumer feelings around the cost of living continued to steadily improve in 2024, supported by broader market trends and economic projections. While concerns fell to their lowest level since 2021, to cost of living remained a major issue for many.
The highlights
74%
of consumers were still concerned about the cost of living crisis heading into the second half of 2024
70%
said they were reducing electrical usage for financial reasons
61%
reported they would be putting less into savings over the year
80%
felt confident managing their finances, compared to 72% in 2023
Our 2024 Cost of Living whitepaper outlines the methodology and results of Hodge’s fourth wave of cost of living crisis research. It covers:
- Consumer confidence levels
- Ongoing worries about the cost of living crisis
- Changes in disposable income
- Inflation and the cost of goods and services
- Saving habits during the crisis
- Views on releasing equity to cope with financial pressure
- How Hodge can support customers during uncertain times.
Download the full whitepaper
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