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According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
This figure is one of the findings from a study conducted by Tickmill , an international online trading broker that compared the economic situation in the UK and the European Union through the infographic .
The analysis reveals a slight decline of 0.4% in the UK's purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland , Luxembourg , Denmark , and the Netherlands .
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by
Wales (31%), England (28%), and
Scotland (22%). In
England , the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in
London , the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
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