Cost of living: Only half of Sheffield households confident they can keep up current lifestyle, says study

An investment group claims one in five Sheffield households feel they will be unable to cope in the face of further energy price spikes.

Monday, 1st August 2022, 11:30 am

Firm Legal & General has published its ‘rebuilding Britain index’ [RBI] to assess if the Government is successfully ‘leveling up’ the nation through a survey of 20,000 people.

And, in a report published today (August 1), the group claims Sheffield’s households are worried they have already made all the cuts they can.

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Investment firm L&G claims one in five Sheffield households feel they cannot make any more cuts if the cost of energy continues to rise.

The figures do not detail how many of the 20,000 people surveyed are from Sheffield.

The firm’s findings include:

– One in five of households (18 per cent) across Sheffield’s city region feel they would have nothing left to cut back on if energy prices continue to rise.

– Seven out of 10 households (69 per cent) are already being forced to make additional cutbacks on their budgeting.

– Nearly three-in-five households (58 per cent) are concerned about being able to keep up with rent or mortgage payments over the next 12-months.

– Only half of households (53 per cent) are not confident in being able to maintain their current lifestyle over the next 12 months.

Further, the firm claims “the data shows that a lack of high wage employment is a key issue for [Sheffield] to address.”

In their standardized index scoring – where London rated 92/100 for high wage jobs – Sheffield was rated 37/100. Rotherham was rated 20/100. The UK average was 49/100.

As a result, the investment firm says, rather than levelling-up, Sheffield city region has “fallen further behind” the rest of the UK in the past 12 months for the availability of ‘jobs and prosperity’.

L&G claims their findings “underscore the importance of public/private partnership regeneration schemes”, such as a plan to develop a £300m mixed use destination on West Bar – which L&G themselves have funded in partnership with the council and Urbo (West Bar) Ltd.

Nigel Wilson, CEO at Legal & General: “There are clearly many households in need of immediate financial support, and we should absolutely welcome the financial packages that have been put in place to lessen the immediate impact for those most in need.”