Data from the Office of National Statistics (ONS) released today (10 June) revealed 77% of UK adults feared the rising cost of living.
Certain groups were more affected than others; 81% of women were worried compared to 73% for men, while disabled people were more worried than the non-disabled - 82% compared to 77%.
Impact of the cost of living crisis:
Parents of children aged four or under showed high levels of concern (90%), and people aged between 30 and 49 were more worried (82%) than people over 70 (70%).
Mark Till, CEO of employee benefits provider Unum UK, said companies have to be flexible to support the needs of their workers.
Speaking to HR magazine, he said: “All of our research has verified the need for employers to be flexible. The cost of living crisis we now face highlights this need once again, with it being important for employers to offer support such as hybrid working, financial and mental wellbeing support and access to resources.
"Remuneration should sit alongside a comprehensive benefits package and workplace culture. Employers risk unengaged and underperforming employees if they are unable to provide adequate support in the current cost of living crisis.”
This has led to to 68% of the surveyed adults adults spending less money on non-essential items in order to stem the tide.
During the the Spring Statement, chancellor Rishi Sunak announced a 0% VAT on home energy saving measures such as solar panels, as well as a 5p per litre reduction in fuel duty until March 2023.
The ONS surveyed 4,500 adults in the UK between April and May 2022.
Visit HR magazine's Cost of living learning hub for the latest advice on what HR can do to help.