Half aged 18-34 are forced to borrow cash to cover fuel costs
Our Cost of Living Campaign – Price Watch highlights the impact of price hikes on our readers
YOUNGER ADULTS are feeling the brunt of soaring fuel prices with many of them turning to family members, friends and banks for cash loans to help them cope with ever increasing living costs.
Close to half of 18 to 34 yearolds are struggling to survive, according to new research that shows 46 per cent of this age group have had to swallow their pride and ask for money, mainly due to the sky-high cost of fuel.
This age group appears to be suffering far more than older age groups, with 21 per cent of 35 to 54 year-olds and four per cent of the over 55s in the same situation.
The extent of 18 to 34 yearolds’ financial distress is evident as the study revealed 42 per cent have approached banks for a loan as a direct impact of fuel and cost of living price hikes. This compares to 19 per cent of 35 to 54 year-olds taking the same action and three per cent of over 55s.
Research was carried out after a used-car buying service noticed a trend across its consumer research showing the nation’s 18 to 34 year-old demographic seemed to be most adversely affected by current events, especially fuel rises and commuting postpandemic.
It was also revealed that 55 per cent of 18 to 34 year-olds have had to cut back on buying groceries due to rising fuel costs in comparison to 43 per cent of 35 to 54 year-olds and 16 per cent of people aged over 55.
Some 80 per cent of them would now choose to walk instead of using their cars when they can, 66 per cent now plan to buy an electric vehicle as their next car, 54 per cent of the age group will avoid public transport in the wake of the pandemic and half of 18 to 34 year-olds are starting to struggle to use their vehicles to commute due to rising costs.
Founder of ChooseMyCar. com Nick Zapolski encouraged young people to follow advice on how to drive efficiently.
He said: “I really sympathise with the position the younger age group is in with huge spikes in fuel costs and the affordability of solutions like electric vehicles.
“Doing research into economical cars is vital in the current climate, as is shopping around for good deals if you are buying a car through a finance deal.”