Income vs. higher cost of living

• Earnings or income has increased in line with or able the higher cost of living for 20% of residents in the last 12 months, up slightly from 16% in the previous wave
• Conversely, the proportion of residents whose income has stayed the same or reduced has fallen slightly from 32% in Wave 5 to 30% in Wave 6

*wording has changed slightly since 2023 from ‘inflation’ to ‘higher cost of living’

This chart shows that income/ earnings have…
Increased above the higher cost of living for 5% of residents in wave 6, this was 4% in wave 5
Increased in line with the higher cost of living for 15% of residents in wave 6, this was 12% in wave 5
Increased but not in line with the higher cost of living for 50% of residents in wave 6, this was 52% in wave 5
Stayed the same for 20% of residents in wave 6, this was 22% in wave 5
Reduced for 10% of residents both in wave 6 and wave 5

Sex

Males are most likely to have increased their income (73%).

Females are more likely to have the same or reduced income/earnings (33%) than males (26%).

Age

Those aged 35-44 are most likely to have increased their income above the higher cost of living (10%).

Those aged 16-24 are most likely to have increased their income in line with the higher cost of living (28%).

Those aged 25-54 are more likely to have had an increase in income but below the higher cost of living (55%-61%).

Those aged 55 and over are more likely to have had a reduction to their income or earnings (15%-16%).

Household income

The lowest income households are the most likely to have seen a reduction in their income or earnings (32%).