In various parts of the world, many people are struggling to survive and make it through each month. This is especially true for single parents, folks living on fixed incomes, and others who are not in financially sound positions.
Inflation, for instance, is playing a huge role in putting the squeeze on people who were barely getting by, to begin with. Supply chain problems and scarcities in resources also are not doing struggling people any favors.
In London, England, new data shines a light on just how bleak many residents’ financial situations are.
Little to No Money in Savings
This year’s Survey of Londoners reveals about one-fourth of London residents do not hold £1,500 in savings. To make matters worse, roughly eight in ten Londoners do not even have £500 set aside for a rainy day.
According to updated information from Statista, men, people under 24 years old, and those without college degrees are the most likely to be without a minimum of £1,500 in their savings accounts.
As many as one in four Londoners did not own savings of at least £1,500 right before the full effects of the cost-of-living crisis began to set in, according to data from the 2022 Survey of Londoners.https://t.co/PQTs2SMqJS
— Activist Post (@ActivistPost) November 9, 2022
The £1,500 marker is used by data analysts to assess how well the average London resident could shoulder emergencies, such as getting a boiler or car fixed or losing earnings for a certain time period.
If anything, this data shows that a significant portion of Londoners are one paycheck or bad day away from financial ruin. With the world today facing so many problems, there is no telling how long it will take for people’s financial situations to turn around.
More Troubling News For London Residents
Last month, information from the Survey of Londoners revealed that for every seven parents, one of them is lacking food security for their kids.
Some activists in London are looking to remedy this with various government handouts. Though it remains to be seen what long-term solutions can be put into place to improve Londoners’ access to food security and their ability to save money.
Today is the start of #LDNChallengePoverty week.
From our Survey of Londoners, we know 1 in 7 parents have children living in food insecurity. Visit our Cost of Living hub to see what support you might be entitled to, and use our new entitlement checker https://t.co/ie1pL6RmSt
— Debbie Weekes-Bernard (@debs_wb) October 17, 2022
As of September, data showed the economy in the United Kingdom is still well behind where it was prior to COVID-19. Like other communities around the world, London’s economy and everyday life shut down for a considerable amount of time.
Officials in the greater England area — like their counterparts around the world — credited this as an effort to save lives and stop the spread. Though, unfortunately, the negative ramifications of government overreach amid COVID-19 remain alive and well.