68% say their disposable income has decreased over the past year
More than one in four people, or 28%, have contemplated relocating to a different area to alleviate housing expenses amid the current cost-of-living crisis, according to specialist lender Pepper Money.
Its latest Specialist Lending Study also revealed that the ongoing financial strain has prompted 19% of respondents to consider downsizing.
Findings from the study indicate that 68% of participants report a reduction in disposable income over the past year due to the cost-of-living crisis, with 31% indicating a significant decrease.
The primary financial burdens on households have been attributed to increases in food costs (92%), followed by energy expenses (86%), and transportation fares (38%).
“Faced with such a significant ongoing squeeze on their finances, millions of households are looking for ways they can cut their costs,” Paul Adams (pictured), sales director at Pepper Money, commented. “Our study found the desire to do this is so significant for such a large proportion of people that 28% of all respondents say they have considered moving out of their area to somewhere cheaper, while 19% have thought about downsizing to reduce their housing costs.
“Whether customers are looking to move, downsize, or reduce their borrowing costs, brokers have a huge opportunity to help their customers to best manage the current economic environment and continue working towards the goals they want to achieve in their lives.”
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