When it comes to combating rising costs, 43.58% cut down on their food shop and other essentials, while four in 10 (38.55%) use less energy in their homes. One in five parents aged 25-34 reported an increase of £50 to £100 in their monthly childcare costs, the most of all age groups. This suggests why 10.34% have received childcare benefits in the last year. 

Over half (56.29%) of the youngest age group, 16-24 year olds, have had their mental health impacted, with one in eight (13.25%) severely suffering, the most of all analysed. One in four (24.17%) are concerned with personal savings, and one in five (20.53%) use them to cover the cost-of-living. Also, 26.12% have borrowed money from family or friends, the most of any age group, and 51.99% claim government benefits. 

52.27% of 35-44 year olds' mental health has been affected by the cost-of-living. 46.83% are concerned about their monthly bills, which is likely because they reported the highest increase in their monthly bills on average (£87.46). At 13.90%, they are also more worried about mortgage repayments than any other group. one in five (20.24%) used their overdraft to pay for bills, the highest analysed. Monthly dependent care expenses are highest for this group, and 48.58% more (£154.27) than over 55s (£103.83).

Older people are less likely to struggle in the cost-of-living crisis

Four in ten (40.55%) of 45-54 year olds have had their mental health affected. One in five (21.65%) have had to dip into their savings, and have had their monthly bills increase by £81.52 on average - the second highest after 35-44 year olds. Interestingly, one in ten (10.63%) of this age group have relied on government support to pay their bills in the last year.

Those 55 or older have struggled least with the cost-of-living crisis. In fact, only one in four (25.12%) were affected at all: less than half the amount of 25-34 year olds (60.89%). People older than 55 are least reliant on benefits, with one in five (20.34%) requiring government assistance. However, over 55s have experienced the smallest pay rises in the last year, at 3.03%, a 5.43% smaller increase than 16-24 year olds (8.46%).

James Andrews, personal financial expert at money.co.uk, said: “With the Government putting figures together to balance the nation’s books in the Budget, now is also a good time to take a look at where your personal finances stand.

“While you might not be able to raise taxes to cover costs, taking a look at what you’re spending on and how much value you’re getting out of it - then adjusting accordingly - is never a bad idea.”