2022 is being dubbed ‘The Year of the Financial Squeeze’, and we all await steep cost of living increase. Sadly it’s those families already on low pay or worse, in poverty, who will be hit hardest. Let’s not forget – you would have to be around 50 years old to really remember 30 years ago when prices
were last rising at this rapid rate.
Find out in our latest infographic what 2022 has in store for the cost of living, our finances and why paying Living Wage means more now than ever before:
Let’s look at some of the key statistics:
- 23% of the UK are in poverty.
- 4.8m people are still paid below living wage and struggle to make ends meet.
- 32% of low paid workers have had to skip meals for financial reasons.
- 17% have used payday loans to help them with the cost of living.
- 1.3m people cannot afford to heat their homes for financial reasons.
- The price of a basket filled with 15 standard food items
rose by 8% last year and keeps rising.
- Petrol is at an all time high.
- Energy price caps have increased by 54% putting many households in real danger of poverty.
- Rent costs have increased 48% in the last 25 years with London prices prohibiting many workers.
- Two-thirds said that earning a wage that covered their basic living costs would improve their mental health.
- 50% of women saying their low pay negatively affected their mental health, compared to 38% of men.
- CIPD reported half of employers increased salaries last year and a further 40% plan to this year.
- Even though wages are set to rise on average by 3% in
2022, the highest in a decade, according to the (CIPD)
this is still less than the rate of inflation.
- The real Living Wage is the only independently calculated hourly rate of pay that is based on what it costs to live in London and the UK; taking into
account the cost of housing, food, travel and other essentials.
For more information about how we can help you build a business case for Living Wage for your cleaning teams, please get in touch.