A survey of more than 4,000 people found that 22% of people aged 18 to 34 have made changes to family planning because of the crisis, as the cost of living increases
Increases in the cost of living might cause some people to delay having children, suggests research, as a rising number of individuals claim increased prices affect their family planning.
A poll conducted by Royal London with over 4,000 participants revealed that 22% of individuals aged between 18 and 34 have adjusted their family plans due to the ongoing crisis. Furthermore, 8% of these young people admitted to postponing starting a family because they’re financially strapped.
The study has demonstrated that the worsening economic situation has led to an average family with young children experiencing an expense increase of over £1,000 monthly. Consequently, 18% of parent respondents reported being left without any spare cash for contingencies like unexpected bills.
Sarah Pennells, consumer finance expert at Royal London, said: “We’ve been tracking how people have been responding to the financial challenges of the rising cost of living for more than two years and it’s clear we’re now starting to see that people are making changes to their longer-term life plans.”
“When prices for food and energy were increasing, we saw people cut back and make changes to their spending and shopping habits, but now we’re seeing that some major life decisions are being delayed as people are weighing up whether or not they can afford to act on the plans they’d made.”
Most recently, official statistics disclosed a decrease in UK inflation to the lowest degree in almost three years during April, thanks to declining energy prices. The Consumer Prices Index (CPI) inflation rate has dipped to 2.3% in April, a decrease from 3.2% in March, as reported by the Office for National Statistics (ONS).
Recent sharp increases in the costs of food, energy, and housing have thrust the cost of living into the spotlight as a key issue for the upcoming General Election. This follows findings from the Resolution Foundation which indicate that the ongoing financial crisis has significantly altered household spending habits, with reductions in consumption outstripping the drop in incomes.
According to the Foundation, the UK has experienced over a decade’s worth of “normal” inflation within just three years, highlighting the intense economic pressure on low to middle income families. The Foundation also noted that during the cost-of-living crisis, households have drastically reduced their consumption levels.
