Rising living costs in UK have greatest impact on renters, young people

By Aysu Bicer

LONDON (AA) - Rising living costs in the UK have had the greatest impact on renters, young adults age 25-34, and families with children, according to a survey released by the Office for National Statistics (ONS) on Monday.

The study found that credit card and consumer loan usage among the 25-34 age group was 34% higher this January compared to the same month last year.

The statement also noted that 55% of renters in the country would not be able to cover an additional cost of £850 ($1,023), while for homeowners, the figure is 12%.

Additionally, the ONS revealed that 54% of families with children do not have any savings for the next 12 months.

The annual inflation rate in the UK reached 11.1% last October, its highest level in 41 years, before falling to 10.1% in January.