UK Households Suffer Biggest Fall in Available Cash in Eight Years | Farsnews Agency

(FNA)- UK households have suffered the sharpest fall in the amount of cash they have available to spend for almost eight years, amid a worsening cost of living crisis driven by high inflation and rising energy bills.

According to a report by the insurer Scottish Widows, increasing living costs at the end of last year hit people’s pockets and led to the steepest decline in cash availability since the start of 2014, The Guardian reported.

It said people were increasingly pessimistic about their future finances in 2022, according to the latest reading from its quarterly household finance index.

The poll of 1,500 individuals, compiled by Ipsos Mori and IHS Markit on behalf of the insurer, found that pressure intensified on savings and disposable income in the final months of 2021, with both declining quicker than at anytime in over the past seven years.