1 in 7 people in the East have no savings amid cost of living crisis
A report also claims many will be left £100 a month short due to rising bills
A new report claims 1 in every 7 people in the East of England has no savings at all amid the cost of living crisis.
Research by Yorkshire Building Society found 14% of people in our region have no money to fall back on in hard times and are essentially living paycheck to paycheck.
The report also estimated that many households could be left £100 a month short in 2024, as incomes fail to keep pace with rising costs.
The figures come from a survey of 4.000 people, coupled with analysis by the Centre for Economics and Business Research.
Of those who do have savings, almost four in ten (39%) have already dipped in to pay the bills.
Nitesh Patel, from the Yorkshire Building Society, said: "Costs are rising at a considerably higher rate than income, and will soon overtake income altogether. This level of inflation will see savings quickly depleted for those who have them if action is not taken.
"The concern is not only the here and now - but the knock-on effect of depleted savings for the future. Those planning to buy a home, for example, may have to wait considerably longer whilst they build up their savings again.
"Those who are less financially resilient are encouraged to seek help from organisations such as Citizens Advice so that they can navigate the coming months - and potentially years - without getting into debt, or, indeed, getting into further debt.
"Financial institutions, such as our own, have a responsibility to educate people as much as possible about the real impact this crisis can have and offer any guidance we can."